Corporate borrowing has substantially changed over the last two decades. In this paper, we investigate changes in borrowing of U.S. publicly listed firms along trends in five key areas: (1) the funding mix of firms and the importance of balance-sheet versus off-balance-sheet borrowing; (2) the...

"The last 35 years have been dramatic for the financial services industry. In the 1990s and 2000s, boundaries between the traditional industry sectors, such as commercial banking and investment banking, broke down, and competition became increasingly global in nature. Many forces contributed to...