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Working Paper
An Empirical Analysis of the Cost of Borrowing
Faria-e-Castro, Miguel; Jordan-Wood, Samuel; Kozlowski, Julian (2025-11-03)
We empirically study firm financing costs using a comprehensive dataset of corporate bonds and bank loans. We construct a measure of the cost of financing, the ExcessDebt Premium, which controls for observable debt characteristics. We document two key findings: first, bank loans are about 97 basis points cheaper than corporate bonds when controlling for observable characteristics. Second, there is significant dispersion in borrowing costs, even within the same firm and quarter. The analysis reveals that this within firm variation persists after accounting for instrument type, maturity, ...
Working Papers , Paper 2024-016

Conference Paper
Observing unobservables: identifying information asymmetries with a consumer-credit field experiment
Karlan, Dean; Zinman, Jonathan (2005)
Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology derived from theoretical models. We randomized 58,000 direct mail offers issued by a major South African lender along three dimensions: 1) the initial "offer interest rate" appearing on the direct mail solicitations; 2) a "contract interest rate" equal to or less than the offer interest rate and revealed to the over 4,000 borrowers who agreed to the initial ...
Proceedings , Paper 961

Conference Paper
Social capital and the cost of business loan contracting
Uzzi, Brian; Lancaster, Ryon (2001)
Proceedings , Paper 792

Journal Article
War loan drive and banking developments
anonymous (1944-03)
Federal Reserve Bulletin , Issue Mar , Pages 215-221

Conference Paper
Subprime lending: neighborhood patterns over time
Russo, Karl; Hershaff, Jonathan; Wachter, Susan M. (2005)
Proceedings , Paper 954

Conference Paper
So what do I get? the bank's view of lending relationships
Srinivasan, Anand; Saunders, Anthony; Bharath, Sreedhar T.; Dahiya, Sandeep (2004)
Proceedings , Paper 945

Discussion Paper
Partnerships between Community Development Financial Institutions and Workforce Development Organizations
Sutaria, Nisha; Townsend, Katherine; Miller, Sarah (2022-07-01)
Inability to secure capital to improve worker skills or expand training programs can prevent growth in a local economy. This paper presents the role CDFIs can play to fill a need for financing in the workforce development sector. While the transactions presented in this paper are unique, they highlight the importance of partnerships between the two industries. Shared missions and an overlapping client base between CDFIs and workforce development practitioners creates a natural pairing for collaboration. In addition, CDFIs are uniquely able to serve as test beds for innovation because of their ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2022-01

Journal Article
Small business access to capital: alternative resources bridging the gap
Newberger, Robin G.; Longworth, Susan (2012-05)
Nationwide in the U.S. over the past 15 years, small businesses generated 64 percent of the net new job growth. Small businesses with fewer than 500 employees, a definition used by the Small Business Administration (SBA), represent 99.7 percent of all employer firms, and employ more than half of private sector employees in the United States. Firms with fewer than 50 employees represent 95 percent of all employer firms. Since the recession that began in late 2007, large bank lending to small businesses has fallen by more than 50 percent.
Profitwise , Issue May , Pages 2-13

Journal Article
A time series analysis of business loans at large commercial banks
Summers, Bruce J. (1975-05)
An abstract for this article is not available.
Economic Review , Volume 61 , Issue May , Pages 8-14

Working Paper
Equilibrium lending mechanism and aggregate activity
Zhou, Ruilin; Wang, Cheng (2000)
This paper develops a model of the credit market where the equilibrium lending mechanism, as well as the economy's aggregate investment and output, are endogenously determined. It focuses on two crucial elements. One is the micro theory of optimal lending mechanism. Instead of imposing a particular lending contract form exogenously, we solve for the optimal contract between a borrower and a lender designed to circumvent adverse-selection and moral-hazard problems in the model environment. The other important element is the effect of credit market condition on the lending mechanism. We embed ...
Working Paper Series , Paper WP-00-30

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