It is the common understanding that private lenders evaluate and price the debt contract based on the credit rating, default risk and firm characteristics of the borrowing firms. This paper takes a different angel and investigates the extent to which the loan contract incorporates and reflects...

This paper examines the debt structure of a sample of U.S. firms exposed to climate risks. Climate risks, categorized as physical, regulatory, and transition risks are associated with greater debt specialization for the affected firms. We find physical and regulatory risks, propagating through...

This paper investigates the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable and syndicated loans...