This article reviews the dramatic growth of nonbank mortgage lending after the Global
Financial Crisis, especially to borrowers with lower credit scores, and the related importance …

New technology promises to expand the supply of financial services to small businesses
poorly served by banks. Does it succeed? We study the response of FinTech to financial …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

How does the shadow banking system respond to changes in capital regulation of
commercial banks? We propose a quantitative general equilibrium model with regulated …

This paper investigates the pricing of bank loans relative to capital market debt. The analysis
uses a novel sample of loans matched with bond spreads from the same firm on the same …

Despite its large and increasing size in the United States and Europe, the private debt (PD)
market, compared to the bank and syndicated loan markets, has been researched little. In …

Using a dataset covering 3 million commercial borrower financial statements, we document
a substantial, nearly monotonic decline in banks' use of attested financial statements (AFS) …

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 …

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) …