We explore the design of climate stress tests to assess and manage macroprudential risks
from climate change in the financial sector. We review the climate stress scenarios currently …

Using supervisory data on the loan portfolios of large US banks, we document that these
banks specialize by concentrating their lending disproportionately in a few industries. This …

We identify the effect of climate change-related regulatory risks on credit reallocation, Our
evidence suggests that effects depend borrower's region, Following an increase in salience …

Does partisanship influence the way investors price financial assets? Using voter
registration data of bankers originating large corporate loans, we show that bankers whose …

We develop a bottom-up measure of US banks' exposures to climate transition risks from the
carbon footprint of their syndicated loan portfolios. Transition risk exposures have declined …

Prior work identifies bank health as a key driver of syndicated lending fluctuations,
particularly during the Global Financial Crisis. We show that the relationship between bank …

I study whether direct lenders, which have been displacing banks in private equity (PE)
buyouts, lend more like banks or arm's-length investors. Using a novel database for direct …

We provide evidence that changes in lender optimism can lead to excessive fluctuations in
credit spreads across the credit cycle. Using data on the real estate properties of loan …

Abstract Using the Shared National Credit supervisory data, we find Private Equity (PE)
sponsored firms violate loan covenants more often than comparable non-PE firms. However …

We show how private equity (PE) buyouts fuel loan sales and non-bank participation in the
US syndicated loan market. Combining loan-level data from the Shared National Credit …