We present a forward-looking monitoring program to identify and track the sources of
systemic risk over time and to facilitate the development of preemptive policies to promote …

A comprehensive look at the enormous growth and evolution of distressed debt markets,
corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative …

We show that negative policy rates affect the supply of bank credit in a novel way. Banks are
reluctant to pass on negative rates to depositors, which increases the funding cost of high …

Corporate borrowing has substantially changed over the last two decades. In this article, we
investigate changes in borrowing of US publicly listed firms along trends in five key areas:(a) …

This paper investigates the mechanisms behind the matching of banks and firms in the loan
market and the implications of this matching for lending relationships, bank capital, and …

We investigate the connections between bank capital regulation and the prevalence of
lightly regulated nonbanks (shadow banks) in the US corporate loan market. For …

New technology promises to expand the supply of financial services to borrowers poorly
served by the banking system. Does it succeed? We study the response of FinTech to …

We examine the effect of financial reporting quality on the trade‐off between monitoring
mechanisms used by lenders. We rely on Sarbanes‐Oxley internal control reports to …

We show that the credit quality of corporate debt issuers deteriorates during credit booms
and that this deterioration forecasts low excess returns to corporate bondholders. The key …

Using a new dataset of UK-syndicated loans, we document a significant loan cost
disadvantage incurred by privately held firms. For identification, we use the distance of a …