Time-series plot of the loan spread (red) and the bond spread (black) from 2000 until September 2020.
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Corporate Loan Spreads and
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Brexit and the Contraction of Syndicated LendingJournal of Financial Economics,
forthcoming We document a 23% decline in loan issuances in the UK syndicated loan market after the Brexit vote relative to a set of comparable loan markets both globally and in the EU and using a matched sample based on pre-Brexit loan issuances. The decline in lending is mostly driven by a reduction of UK firm borrowing, but we do not find evidence that the UK loses its attractiveness as a financial center for cross-border borrowing. [...]
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Kicking the Can Down the Road: Government Interventions in the European Banking SectorReview of Financial Studies,
forthcoming We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that fiscally constrained governments "kicked the can down the road" by providing banks with guarantees instead of full-fledged recapitalizations. [...]
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