This paper examines the ability of firms to overcome cross-country borrowing barriers through foreign asset connections. We find that firm-level foreign assets are an important mechanism in reducing the boundary between borrowers and lenders and thereby enhancing capital access in the syndicated...

We provide evidence that a firm's exposure to industry downturns, what we refer to as industry risk, is an important factor affecting ex post recovery rates and ex ante bank loan pricing and the borrowing firms use of cash. The basic idea is that if it is costly to redeploy industry assets, then...

Recent studies use retrospective automated valuation models (AVMs) to investigate whether appraisals of collateral values associated with securitized residential mortgage loans were systematically inflated during the recent housing boom. In this paper, we provide evidence that high AVM pricing...