Using micro-data on bank-SME relationships in France, we show that banks specialize locally by industry and that this specialization shapes the equilibrium amount of lending. We use the reallocation of firms’ accounts from closed branches to nearby branches of the same bank, as a source of...

We show that set-up costs are a key determinant of the capital structure of young firms. Theoretically, when firms face high set-up costs, they can only be established by leveraging up and lengthening debt maturity. Empirically, we use a large sample of French firms to show that young firms have...

In this paper, we show that exporters react more strongly to a cut in tariffs by a distant countrywhen their banks have already been specializing in funding exports to this country. To make ourcase, we build upon a theoretical model where an informational advantage provided by theexporter's bank...

We investigate the real effects of mandatory climate-related disclosure by financial institutions on the funding of carbon-intensive industries. Our impact metric is the amount invested into securities, bonds and stocks, issued by fossil fuel companies. A French law, which came into force in...

We investigate the real effects of mandatory climate-related disclosure by financialinstitutions on the funding of carbon-intensive industries. Our impact metric is the amountinvested into securities, bonds and stocks, issued by fossil fuel companies. A French law,which came into force in...

We exploit a new dataset of consolidated balance sheets for some 1,850, mostly nonlisted,French corporate groups, in order to investigate the relationship between corporate investment and the cost of capital. Our empirical model is motivated by a standard Q-theory of investment and relates the...

In this paper, I investigate whether and how banks align green words with deeds in terms of credit allocation across more or less carbon-intensive industries in France. I use a rich dataset of bank credit exposures across some fifty industries and two size classes of borrowing firms for the main...