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Gorton, Gary; He, Ping - National Bureau of Economic Research - 2021

since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit … analysis and covenant design. Later, bank innovation included the advent of loan sales, increased loan syndications, the … calibrate a model of bank innovation to determine the quantitative contribution of bank innovation to economic growth …

Persistent link: https://www.econbiz.de/10012660004

Information-Based Pricing in Specialized Lending

Blickle, Kristian; He, Zhiguo; Huang, Jing; Parlatore, … - National Bureau of Economic Research - 2024

similar data processing systems, possess "general" signals regarding the borrower's quality. However, the specialized bank …

Persistent link: https://www.econbiz.de/10014486246

FinTech as a Financial Liberator

Buchak, Greg; Hu, Jiayin; Wei, Shang-jin - National Bureau of Economic Research - 2021

A binding interest rate cap on household savings is a common form of financial repression in developing economies and typically benefits banks. Using proprietary data from a leading Chinese FinTech company, we study Fintech's role in ending financial repression in China through the introduction...

Persistent link: https://www.econbiz.de/10012696357

Is Stock Index Membership for Sale?

Li, Kun; Liu, Xin; Wei, Shang-jin - National Bureau of Economic Research - 2021

While major stock market indices are followed by large monetary investments, we document that membership decisions for the S&P 500 index have a nontrivial amount of discretion. We show that firms' purchases of S&P ratings appear to improve their chance of entering the index (but purchases of...

Persistent link: https://www.econbiz.de/10012660043

Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - National Bureau of Economic Research - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels -- risky firms just above the IG rating cutoff -- enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases...

Persistent link: https://www.econbiz.de/10012938746

Intergenerational Mobility and Credit

Braxton, John Carter; Chikhale, Nisha; Herkenhoff, Kyle; … - National Bureau of Economic Research - 2024

We combine the Decennial Census, credit reports, and administrative earnings to create the first panel dataset linking parent's credit access to the labor market outcomes of children in the U.S. We find that a 10% increase in parent's unused revolving credit during their children's adolescence...

Persistent link: https://www.econbiz.de/10014468231

Information Acquisition and Rating Agencies

Cole, Harold L.; Cooley, Thomas F. - National Bureau of Economic Research - 2023

For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper...

Persistent link: https://www.econbiz.de/10014322691

Invisible Primes : Fintech Lending with Alternative Data

Di Maggio, Marco; Ratnadiwakara, Dimuthu; Carmichael, Don - National Bureau of Economic Research - 2022

We exploit anonymized administrative data provided by a major fintech platform to investigate whether using alternative data to assess borrowers' creditworthiness results in broader credit access. Comparing actual outcomes of the fintech platform's model to counterfactual outcomes based on a...

Persistent link: https://www.econbiz.de/10013172139

Climate Regulatory Risk and Corporate Bonds

Seltzer, Lee H.; Starks, Laura T.; Zhu, Qifei - National Bureau of Economic Research - 2022

Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...

Persistent link: https://www.econbiz.de/10013191088

Bank Funding Risk, Reference Rates, and Credit Supply

Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, … - National Bureau of Economic Research - 2023

bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until … offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during …

Persistent link: https://www.econbiz.de/10014226104

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