Using novel receivable-based-loan data, we study the effect of aging-report loan covenants on borrowers' accounts receivable reporting quality. Our purpose is to highlight a channel that lenders use to obtain private information and to understand whether lenders' information acquisition affects...

Using novel receivable-based-loan data, we study the effect of aging-report loan covenants on borrowers' accounts receivable reporting quality. Our purpose is to highlight a channel that lenders use to obtain private information and to understand whether lenders' information acquisition affects...

Prior research acknowledges that the determinants, timeliness, and economic implications of banks' provisions for loan losses (PLL) vary across loan types. However, the lack of machine-readable data on PLL by loan type has precluded researchers from incorporating loan type into the evaluation of...

We use the subset of Paycheck Protection Program (PPP) loans that were extended to public firms as a laboratory to separate between favoritism and informational advantages in lending relationships. Because PPP loans are guaranteed by the government and banks do not need to carefully screen...

This paper employs an unsupervised machine learning technique to construct a novel measure that captures tight multidimensional interconnections among lenders. We show both the likelihood and intensity of loan renegotiation increase with this measure. The results are robust to controlling for...

This paper investigates whether private information from lending activities improves the forecast accuracy of bank-affiliated analysts. Using a matched sample design, matching by affiliated bank or borrower, we demonstrate that the forecast accuracy of bank-affiliated analysts increases after...