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Does Borrowing from Banks Cost More than Borrowing from the Market?

Citations

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  1. Marios Karabarbounis & Patrick Macnamara, 2021. "Misallocation and Financial Frictions: the Role of Long-Term Financing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 40, pages 44-63, April.
  2. Cortina, Juan J. & Didier, Tatiana & Schmukler, Sergio L., 2021. "Global corporate debt during crises: Implications of switching borrowing across markets," Journal of International Economics, Elsevier, vol. 131(C).
  3. Kräussl, Roman & Kräussl, Zsofia & Pollet, Joshua & Rinne, Kalle, 2024. "The performance of marketplace lenders," Journal of Banking & Finance, Elsevier, vol. 162(C).
  4. Feldhütter, Peter & Schaefer, Stephen, 2023. "Debt dynamics and credit risk," Journal of Financial Economics, Elsevier, vol. 149(3), pages 497-535.
  5. Darmouni, Olivier & Geisecke, Oliver & Rodnyanky, Alexander, 2019. "The Bond Lending Channel of Monetary Policy," MPRA Paper 95141, University Library of Munich, Germany.
  6. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
  7. Bradley S. Blaylock & Jimmy F. Downes & Mollie E. Mathis & Scott D. White, 2022. "Do bondholders incorporate expected repatriation taxes into their pricing of debt?," Review of Accounting Studies, Springer, vol. 27(4), pages 1457-1492, December.
  8. Nick F. D. Huberts & Xingang Wen & Herbert Dawid & Kuno J. M. Huisman & Peter M. Kort, 2025. "Double Marginalization Because of External Financing: Capacity Investment Under Uncertainty," Management Science, INFORMS, vol. 71(5), pages 3749-3767, May.
  9. Marc Arnold & Ramona Westermann, 2023. "Debt Renegotiations Outside Distress," Review of Finance, European Finance Association, vol. 27(4), pages 1183-1228.
  10. Inmaculada Aguiar‐Díaz & Ewelina Monica Mruk & María Victoria Ruiz‐Mallorquí, 2024. "Judicial efficiency, debt structure, and cost of debt," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(6), pages 3541-3563, September.
  11. Alfred Guender, 2025. "Bond Finance and the Leverage Ratio," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 32(2), pages 179-196, May.
  12. Campello, Murillo & Connolly, Robert A. & Kankanhalli, Gaurav & Steiner, Eva, 2022. "Do real estate values boost corporate borrowing? Evidence from contract-level data," Journal of Financial Economics, Elsevier, vol. 144(2), pages 611-644.
  13. Beck, Thorsten & Keil, Jan, 2022. "Have banks caught corona? Effects of COVID on lending in the U.S," Journal of Corporate Finance, Elsevier, vol. 72(C).
  14. Wang, Congcong & Wang, Chong & Long, Huaigang & Zaremba, Adam, 2025. "Does green bond issuance reduce the cost of bank loans? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 94(C).
  15. Amir Kermani & Yueran Ma, 2020. "Two Tales of Debt," NBER Working Papers 27641, National Bureau of Economic Research, Inc.
  16. Benmelech, Efraim & Kumar, Nitish & Rajan, Raghuram, 2022. "The secured credit premium and the issuance of secured debt," Journal of Financial Economics, Elsevier, vol. 146(1), pages 143-171.
  17. Efraim Benmelech & Nitish Kumar & Raghuram Rajan, 2020. "Secured Credit Spreads," Working Papers 2020-14, Becker Friedman Institute for Research In Economics.
  18. Carey, Mark & Gordy, Michael B., 2021. "The bank as Grim Reaper: Debt composition and bankruptcy thresholds," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1092-1108.
  19. Demiroglu, Cem & James, Christopher & Velioglu, Guner, 2022. "Why are commercial loan rates so sticky? The effect of private information on loan spreads," Journal of Financial Economics, Elsevier, vol. 143(2), pages 959-972.
  20. Larry Cordell & Michael R. Roberts & Michael Schwert, 2023. "CLO Performance," Journal of Finance, American Finance Association, vol. 78(3), pages 1235-1278, June.
  21. Antje Berndt & Darrell Duffie & Yichao Zhu, 2025. "The Decline of Too Big to Fail," American Economic Review, American Economic Association, vol. 115(3), pages 945-974, March.
  22. Miguel Faria-e-Castro & Samuel Jordan-Wood & Julian Kozlowski, 2024. "An Empirical Analysis of the Cost of Borrowing," Working Papers 2024-016, Federal Reserve Bank of St. Louis, revised 15 Apr 2026.
  23. Larcker, David F. & Watts, Edward M., 2020. "Where's the greenium?," Journal of Accounting and Economics, Elsevier, vol. 69(2).
  24. Yunzhi Hu & Felipe Varas, 2021. "A Theory of Zombie Lending," Journal of Finance, American Finance Association, vol. 76(4), pages 1813-1867, August.
  25. Joao A. C. Santos & S. Vish Viswanathan, 2020. "Bank Syndicates and Liquidity Provision," NBER Working Papers 27701, National Bureau of Economic Research, Inc.
  26. Bernhardt, Dan & Koufopoulos, Kostas & Trigilia, Giulio, 2021. "Profiting from the poor in competitive lending markets with adverse selection," The Warwick Economics Research Paper Series (TWERPS) 1328, University of Warwick, Department of Economics.
  27. Olivier Wang, 2025. "Banks, Low Interest Rates, and Monetary Policy Transmission," Journal of Finance, American Finance Association, vol. 80(3), pages 1379-1416, June.
  28. Steven Ongena & Alex Osberghaus & Glenn Schepens, 2024. "Joining Forces: Why Banks Syndicate Credit," Swiss Finance Institute Research Paper Series 24-80, Swiss Finance Institute.
  29. Paul Beaumont & Huan Tang & Eric Vansteenberghe, "undated". "Effets collatéraux : le rôle des Fintechs dans le financement des petites et moyennes entreprises," Analyse et synthèse 157, Banque de France.
  30. Janet Gao & Yeejin Jang, 0. "What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps," Review of Finance, European Finance Association, vol. 25(2), pages 519-559.
  31. Du, Julan & Li, Chang & Wang, Yongqin, 2023. "Shadow banking of non-financial firms: Arbitrage between formal and informal credit markets in China," Journal of Financial Intermediation, Elsevier, vol. 55(C).
  32. Lang, Jan Hannes & Rusnák, Marek & Herbst, Tobias, 2025. "The impact of monetary policy and macroprudential policy on corporate lending rates in the Euro area," Working Paper Series 3057, European Central Bank.
  33. Pascal Paul & Mauricio Ulate & Jing Cynthia Wu, 2025. "A Macroeconomic Model of Central Bank Digital Currency," NBER Working Papers 33968, National Bureau of Economic Research, Inc.
  34. Beyene, Winta & Delis, Manthos D. & de Greiff, Kathrin & Ongena, Steven, 2025. "Bond versus banks financing in the climate transition: The role of stranded-asset risk," SAFE Working Paper Series 456, Leibniz Institute for Financial Research SAFE.
  35. Chen, Yangyang & Saffar, Walid & Shan, Chenyu & Wang, Sarah Qian, 2023. "Credit default swaps and corporate debt structure," Journal of Corporate Finance, Elsevier, vol. 83(C).
  36. Darmouni, Olivier & Papoutsi, Melina, 2022. "Non-bank lending to mid-size firms in Europe: evidence from corporate securities," Working Paper Series 2663, European Central Bank.
  37. Pandey, Rudresh & He, Xian & Zhang, Dengjun, 2024. "Firms' gender composition, loan collateral, and sustainable finance," Global Finance Journal, Elsevier, vol. 63(C).
  38. Beck, Thorsten & Keil, Jan, 2021. "Are Banks Catching Corona? Effects of COVID on Lending in the U.S," CEPR Discussion Papers 15869, C.E.P.R. Discussion Papers.
  39. Beverly Hirtle & Matthew Plosser, 2025. "Bank Economic Capital," Staff Reports 1144, Federal Reserve Bank of New York.
  40. Jiacheng Zou, 2026. "Private Credit Markets Theory, Evidence, and Emerging Frontiers," Papers 2603.14491, arXiv.org.
  41. Katarzyna Platt, 2020. "Corporate Bonds And Product Market Competition," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(3), pages 615-647, August.
  42. Paul Beaumont & Huan Tang & Éric Vansteenberghe, 2024. "Collateral Effects: The Role of FinTech in Small Business Lending [Effets collatéraux : le rôle des Fintechs dans le financement des petites et moyennes entreprises]," Débats Economiques et financiers 42, Banque de France.
  43. Alessandra Iannamorelli & Stefano Nobili & Antonio Scalia & Luana Zaccaria, 2024. "Asymmetric Information and Corporate Lending: Evidence from SME Bond Markets," Review of Finance, European Finance Association, vol. 28(1), pages 163-201.
  44. Alam, Nurul & Boubaker, Sabri & Chen, Xiaomeng Charlene & Hasan, Mostafa Monzur, 2024. "Brand capital and debt choice," International Review of Financial Analysis, Elsevier, vol. 93(C).
  45. Jang Ping Thia & Xinyu Kong, 2025. "Firms’ Bond Market Access and Impact on Bank Borrowing Costs," Journal of Financial Services Research, Springer;Western Finance Association, vol. 68(1), pages 51-74, August.
  46. Das, Kuntal K. & Donald, Logan J. & Guender, Alfred V., 2023. "Debt finance and economic activity in the euro-area: evidence on asymmetric and maturity effects," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 448-472.
  47. Falk Bräuning & Victoria Ivashina & Ali Ozdagli, 2022. "High-Yield Debt Covenants and Their Real Effects," NBER Working Papers 29888, National Bureau of Economic Research, Inc.
  48. Artiga Gonzalez, Tanja & Capera Romero, Laura & Karmaziene, Egle & Yuan, Xin, 2025. "Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates," Finance Research Letters, Elsevier, vol. 71(C).
  49. Hardy, Bryan, 2023. "Foreign currency borrowing, balance sheet shocks, and real outcomes," Journal of International Money and Finance, Elsevier, vol. 139(C).
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