This study investigates how strategic deviation affects the cost of debt financing. Existing
literature generally focuses on finance and governance perspectives, overlooking the impact …

Speed is a salient feature of modern financial markets. This paper studies investors' speed
acquisition together with their information acquisition. Speed heterogeneity arises in …

Using hand‐collected derivative use data on publicly listed firms in China, we document that
derivative use has a significant risk‐reducing effect, but this effect is 40% weaker in state …

We consider a market where large investors do not only trade on information about asset
fundamentals. When they trade more aggressively, the price becomes less informative …

I model a financial market in which traders acquire private information through time-
consuming research. A time cost of information arises due to competition–through the …

We show that loan origination time is key for bank lending standards, cycles, defaults and
failures. We exploit the credit register from Spain, with the time of a loan application and its …

How does competition affect banks' adaptation to emergent risks for which there is limited
supervisory oversight? The analysis matches detailed supervisory data on home equity lines …

From time to time, large numbers of organisations of all types and sizes throughout the world
suffer from large destruction, either as a direct or an indirect consequence of events …

Shocks to banks' ability to raise liquidity at short notice can lead to depositor panics, as
evidenced by recent bank failures. Why don't banks take a more active role in managing …

Why do countries differ in terms of their exposure to fluctuations in the global supply of
credit? We argue that frictions in global intermediation lead to an endogenous partitioning of …