We study the transmission channels from central banks’ quantitative easing programs via
the banking sector when central banks start purchasing corporate bonds. We find evidence …

Despite their importance, the discussion of spillover effects in empirical research often misses
the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models …

This paper documents a link between bank concentration and markups in nonfinancial sectors.
We exploit concentration-increasing bank mergers and variation in banks’ market shares …

We examine whether performance-sensitive debt (PSD) is used to reduce hold-up problems
in long-term lending relationships. We find that the use of PSD is more common in the …

This paper analyzes the effect of securitization on bank loan supply over the 2001 to 2013
period using a large sample of Eurozone banks. We document that an increase in banks’ ABS …

We analyze pricing differences between US and European syndicated loans over the 1992–2014
period. We explicitly distinguish credit lines from term loans. For credit lines, US …

We use secondary corporate loan-market prices to construct a novel loan-market-based
credit spread. This measure has considerable predictive power for economic activity across …

Despite their importance, the discussion of spillover effects in empirical research often misses
the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models …

This paper documents that" zombie" lending by undercapitalized banks distorts competition
and impedes corporate innovation. This misallocation of capital prevents both the exit of …

The European Central Bank’s Corporate Sector Purchase Programme (CSPP), launched in
June 2016, increased the supply and lowered the cost of capital for eligible, ie, investment …