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Publications

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  • 2021
  • Working Paper

Nonbank Lending and Credit Cyclicality

By: Quirin Fleckenstein, Manasa Gopal, German Gutierrez and Sebastian Hillenbrand
We document three facts about nonbank lending in the syndicated loan market. First, nonbank lending is more than twice as cyclical as bank lending. Second, declines in nonbank lending explain most of the declines in syndicated lending during the Great Recession and... View Details
Keywords: Nonbank Lending; Credit Cycles; CLO; Mutual Funds; Leveraged Lending; COVID-19; Great Migration; Non-bank Financial Institutions; Financing and Loans; Business Cycles
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  • 2021
  • Working Paper

Racial Disparities in the Paycheck Protection Program

By: Sergey Chernenko and David S. Scharfstein
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 these disparities. Black-owned restaurants are 25% less likely to receive PPP loans.... View Details
Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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  • 2024
  • Working Paper

Bank Capital and the Growth of Private Credit

By: Sergey Chernenko, Robert Ialenti and David Scharfstein
We show that business development companies (BDCs)—closed-end funds that provide a significant share of nonbank loans to middle market firms—are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36%... View Details
Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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    Bank Capital and the Growth of Private Credit

    We show that business development companies (BDCs) — closed-end funds that provide a significant share of nonbank loans to middle market firms — are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36% and,... View Details
    • Forthcoming
    • Article

    The Evolution of Financial Services in the United States

    By: Robin Greenwood, Robert Ialenti and David S. Scharfstein
    This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
    Keywords: Financial Crisis; Financial Institutions; Financial Markets; Growth and Development; Economic Sectors
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    • December 2002 (Revised January 2004)
    • Case

    Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (A)

    By: Benjamin C. Esty and Aldo Sesia
    In June 1999, the Basel Committee on Banking Supervision announced plans to revise the capital standards for banks. The Basel Committee believed that project loans were significantly riskier than corporate loans and, therefore, warranted higher capital charges under... View Details
    Keywords: Risk and Uncertainty; Project Finance; Financing and Loans; Projects; Standards; Banks and Banking; Banking Industry
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    • October 2010 (Revised November 2010)
    • Case

    YES BANK: Mainstreaming Development into Indian Banking

    By: Michael Chu and Namrata Arora
    YES BANK, founded in 2003 and highly successful, has consistently been profitable meeting the Indian government's Priority Sector Lending (PSL) requirements, unlike virtually all other private sector banks, which view PSL activity as a necessary but loss-making part of... View Details
    Keywords: Development Economics; Private Equity; Microfinance; Investment; Governing and Advisory Boards; Corporate Social Responsibility and Impact; Environmental Sustainability; Expansion; Banking Industry; India
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    • 25 Jan 2010
    • Research & Ideas

    A Macroeconomic View of the Current Economy

    guarantees, and direct lending to nonbank financial institutions. My own view is that while he inevitably made all sorts of mistakes (especially in the lead-up to the crisis), his extraordinary actions in... View Details
    Keywords: by Sean Silverthorne
    • Web

    Managing and Innovating in Financial Services - Course Catalog

    in which competition, technology and regulation are constantly changing. We will look at a variety of financial institutions and financial service providers including banks, nonbank financial intermediaries, and fintechs. We will examine... View Details
    • 21 Dec 2009
    • Research & Ideas

    Good Banks, Bad Banks, and Government’s Role as Fixer

    assets seems to be based on the assumption that banks are the primary originator of new loans. In fact, banks accounted for only 22 percent of the credit extended in the United States. The main cause of reduced lending has been the... View Details
    Keywords: by Roger Thompson; Banking; Financial Services
    • 07 Dec 2010
    • First Look

    First Look: Dec. 7

    government's Priority Sector Lending (PSL) requirements, unlike virtually all other private sector banks, which view PSL activity as a necessary but loss-making part of their portfolio. To do this, YES BANK created a distinct Development... View Details
    Keywords: Sean Silverthorne
    • Web

    Print View - Course Catalog

    investment and operations. Course Structure The course is taught using the case method, with traditional and multimedia cases along with frequent protagonists and occasional supplementary readings. Pedagogical Mix Real estate lends itself... View Details