We show that eurozone bank risks during 2007–2013 can be understood as carry trade
behavior. Bank equity returns load positively on peripheral (Greece, Italy, Ireland, Portugal, Spain…

Syndication increases the overlap of bank loan portfolios and makes them more vulnerable
to contagious effects. We develop a novel measure of bank interconnectedness using …

More than 80% of US syndicated loans contain at least one fee type and contracts typically
specify a menu of spreads and fee types. We test the predictions of existing theories on the …

This article surveys the theory on zombie lending incentives and the consequences of
zombie lending for the real economy. It also offers a historical perspective by reviewing the …

We analyze government interventions in the eurozone banking sector during the 2008–2009
financial crisis. Using a novel data set, we document that fiscally constrained governments “…

This paper examines the broader effects of the US financial crisis on global lending to retail
customers. In particular we examine retail bank lending in Germany using a unique data set …

Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate “dash
for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which was …

Using a new dataset of UK-syndicated loans, we document a significant loan cost
disadvantage incurred by privately held firms. For identification, we use the distance of a firm's …

We study the transmission channels from central banks’ quantitative easing programs via
the banking sector when central banks start purchasing corporate bonds. We find evidence …

A two-sided" credit-line channel"–relating to drawdowns and repayments–explains the severe
drop and partial subsequent recovery in bank stock prices during the COVID-19 pandemic…