We examine the factors that influence public firms' choice between project financing and corporate financing. Using a sample of 15,191 syndicated deals closed between 2000 and 2016, we find that economies of scale, agency costs of debt, and information asymmetry arguments affect the choice of...

Middle-aged people have a higher demand for bank loans compared to other age groups and banks that are active in regions with more middle-aged residents are exposed to higher loan demand. This generates a geographically varying demand for loans. Using this variation, we show that banks increase...