We review research on the effects of banks on the real economy, including, but not limited to
articles in this Special Issue of the Journal of Corporate Finance. We focus primarily on US …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

Multi-market banks reallocate capital when local credit demand increases after natural
disasters. Using property damage as an instrument for lending growth, we find credit in …

Governments cannot credibly commit to eschew bailouts of creditors when large financial
institutions become distressed. This too-big-to-fail (TBTF) problem distorts how markets price …

Post-crisis stress tests have altered banks' credit supply to small business. Banks most
affected by stress tests reallocate credit away from riskier markets and toward safer ones …

Using exogenous liquidity windfalls from oil and natural gas shale discoveries, we
demonstrate that bank branch networks help integrate US lending markets. Banks exposed …

We study the importance of trust in the investment advisory industry by exploiting the
geographic dispersion of victims of the Madoff Ponzi scheme. Residents of communities that …

We investigate whether the Troubled Assets Relief Program (TARP) gave recipients
competitive advantages. Using a difference-in-difference (DID) approach, we find that: i) …

Small and medium-sized enterprises, in aggregate, are the biggest employer in most
countries, accounting for about two thirds of all employment in the UK, and an even greater …

Several scholars argue that high agricultural productivity can retard industrial development
because it draws resources toward the comparative advantage sector, agriculture. However …