Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has
created some positive economic and financial surprises and opportunities for research. This …

Financial intermediation has distinct value from transforming financial claims to create
liquidity and mitigate risks. However, research and policy competition analyses often neglect …

Using Y-14Q supervisory loan-level data, we investigate how relationship business
borrowers fare relative to others in loan contract terms (spread, maturity, collateral) during …

We show that banks cross-sell future deposits and loans to existing household depositors. A
bank is 20-percentage-points more likely to sell a loan to an existing depositor than to an …

Fintechs are believed to help expand credit access to underserved consumers without
taking on additional risk. We compare the performance efficiency of LendingClub's …

Firms' access to external finance is constrained by information asymmetries between
lenders and borrowers, which are inversely related to firm size and economic growth …

After exogenous demand shocks caused by natural disasters, FinTech lenders are more
responsive to increased demand for reconstruction mortgages than traditional banks and …

We study the role of scope in financial intermediation. Using new credit registry data on US
firms, we show that in the market for small business lending, multi-product banks benefit …

We study credit card rewards as an ideal laboratory to quantify redistribution between
consumers in retail financial markets. Comparing cards with and without rewards, we find …

We investigate what types of small and medium-sized enterprises (SMEs) use bank loans
during crisis periods, focusing on the global financial crisis (GFC) and the economic crisis …