We provide a comprehensive review of firms' financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance — financing from all the non-market, non-bank external sources. We argue that while traditional financing channels,...

"Promoting a comparative perspective, this comprehensive Research Handbook aids in the understanding of alternative finance and its values in a global setting. Readers are encouraged to view alternative finance through the lens of economic mechanisms rather than terminology. Providing a holistic...

In 2002 and 2003, many Chinese banks implemented reforms that delegated authority to individual loan officers. The change followed China's entrance into the WTO and offers a plausibly exogenous shock to loan officer incentives to produce information. We find that the bank's internal risk rating...