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

The response of major central banks to the global financial crisis has revived the debate
around the interactions between monetary policy (MP) and bank stability. This technical …

Recent regulatory proposals tie a financial institution's systemic importance to its complexity.
However, little is known about how complexity affects banks' risk management. Using the …

What is the economic role played by arrangers of leveraged loans, and what are the risks
they face? We provide evidence that arrangers solve a demand discovery problem …

We challenge theories that lead arrangers retain shares of syndicated loans to overcome
information asymmetries. Lead arrangers frequently sell their entire loan stake—in over 50 …

This paper studies the rise of direct lending using a comprehensive dataset of investments
by business development companies (BDC). We exploit three exogenous shocks to credit …

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 …

We explain why banks and nonbank intermediaries coexist in a model based only on
differences in their funding costs. Banks enjoy a low cost of capital due to safety nets and …

Using data on syndicated loans for a large sample of countries, this paper shows that non-
banks curtail their credit by significantly more than banks during borrower-country crises. We …

This paper studies whether banking practices affect borrowing firms' financial reporting
quality. Specifically, I examine the effect of bank cross-selling activities (ie, a bank's joint …