Using supervisory data on the loan portfolios of large US banks, we document that these
banks specialize by concentrating their lending disproportionately in a few industries. This …

Using a large sample of Florida restaurants, we document significant racial disparities in
borrowing through the Paycheck Protection Program (PPP) and investigate the causes of …

Analyzing hand-collected credit agreements for a sample of middle-market firms over 2010–
2015, we find that one-third of all loans are directly extended by nonbank financial …

We study the nature of debt among US non-financial firms and its determinants. One
approach of debt enforcement lends against the liquidation value of discrete assets (such as …

This paper analyzes the importance of information technology (IT) in banking for
entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank …

We study the valuation of collateral by comparing spreads on loans by the same bank, to the
same borrower, at the same origination date, but backed by different types of collateral …

Across a broad range of equipment types and industries, we document a pattern of local
capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate …

We examine how a fixed capital supply shortage affects firm investment. Using equipment
transaction–level data, we find pandemic-driven production disruptions significantly altered …

We study bank specialization in lending in the US corporate loan market. We document that
banks specialize in lending to specific industries. Specialization is persistent over time and …

This paper examines the rise and competitive impact of industry-specialized small business
lenders. Using loan-level data with detailed industry codes from the Small Business …