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[(the)-381(syndicated)-392(loan)-371(mark)30(et.)-582(In)-382(con)31(trast)-373(to)-372(Iv)50(ashina)-382(and)-371(Sc)31(harfstein,)-403(as)-382(w)31(ell)-381(as)-382(to)-371(the)]TJ T* [(other)-311(studies)-323(cited)-310(ab)-30(o)30(v)30(e,)-321(w)31(e)-311(fo)-30(cus)-311(on)-311(the)-302(loan-pricing)-311(p)-30(olicies)-310(of)-302(banks.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 457.44 608.64 Tm (7)Tj /F4 1 Tf 11.95517 0 0 11.95517 466.08 604.32 Tm [(Although)-301(this)]TJ -31.45752 -2.01754 TD [(approac)31(h)-432(o\013ers)-442(only)-432(indirect)-441(evidence)-451(on)-431(the)-432(a)31(v)50(ailabilit)30(y)-442(of)-431(bank)-432(credit)-442(to)-421(corp)-30(orate)]TJ T* [(b)-30(orro)29(w)31(ers,)-402(it)-372(pro)30(vides)-391(information)-372(on)-372(the)-381(in)30(terest)-393(rates)-382(banks)-381(c)30(harged)-381(their)-382(b)-30(orro)30(w)30(ers)]TJ T* [(during)-301(the)-302(crisis,)-322(whic)31(h)-321(is)-302(an)-301(imp)-30(ortan)30(t)-302(determinan)30(t)-311(of)-291(credit)-312(a)31(v)50(ailabilit)30(y)80(.)-432(F)80(urthermore,)]TJ T* [(as)-271(w)30(e)-270(argue)-271(b)-30(elo)30(w,)-290(this)-272(approac)30(h)-271(allo)31(ws)-271(us)-272(to)-271(separate)-271(bank-driv)29(en)-280(e\013ects)-281(from)-262(demand-)]TJ T* [(driv)30(en)-421(e\013ects.)-693(As)-422(a)-401(complemen)31(t)-432(to)-401(this)-413(in)30(v)30(estigation,)-452(w)31(e)-421(also)-402(lo)-30(ok)-411(at)-402(the)-412(size)-421(of)-411(the)]TJ T* [(loans)-331(that)-322(corp)-30(orate)-322(b)-30(orro)30(w)30(ers)-341(to)-31(ok)-321(out)-331(during)-332(the)-331(crisis.)]TJ 3.01125 -2.01754 TD [(W)81(e)-341(h)30(yp)-30(othesize)-351(that)-332(the)-341(banks)-342(that)-332(incurred)-341(larger)-332(losses)-352(in)-331(the)-341(subprime)-352(crisis)]TJ -3.01125 -2.01754 TD [(increased)-351(the)-351(in)30(terest)-352(rates)-342(on)-342(loans)-341(to)-331(corp)-31(orate)-341(b)-30(orro)30(w)30(ers)-342(b)30(y)-351(more)-341(than)-342(other)-341(banks.)]TJ T* [(Banks)-261(that)-251(lost)-262(hea)31(vily)-271(b)-30(ecame)-260(riskier.)-423(As)-261(a)-250(result,)-282(their)-252(cost)-261(of)-251(funding)-261(most)-252(lik)30(ely)-270(rose,)]TJ T* [(putting)-372(pressure)-383(on)-361(them)-371(to)-362(raise)-372(their)-371(loan)-362(in)31(terest)-383(rates.)-553(Sup)-30(ervisors')-392(calls)-372(for)-361(these)]TJ T* [(banks)-261(to)-251(rebuild)-262(their)-261(capital)-261(standards)-262(most)-252(lik)30(ely)-280(added)-251(to)-251(that)-252(pressure.)-432(According)-260(to)]TJ T* [(Bo)-30(ot,)-271(Green)31(baum,)-291(and)-271(Thak)31(or)-282((1993),)-271(banks)-281(that)-262(need)-280(to)-272(rebuild)-271(their)-281(capital)-271(structure)]TJ T* [(are)-351(lik)30(ely)-381(to)-352(sacri\fce)-370(reputational)-352(capital)-361(b)30(y)-362(reneging)-360(on)-362(their)-361(implicit)-362(commitmen)31(t)-372(to)]TJ T* [(not)-342(exploit)-351(their)-352(monop)-29(oly)-341(p)-31(o)31(w)30(er)-351(o)30(v)30(er)-361(b)-30(orro)29(w)31(ers.)-492(Th)30(us,)-362(sup)-30(ervisors')-363(calls)-351(for)-342(banks)-351(to)]TJ T* [(rebuild)-341(their)-322(capital)-331(ma)30(y)-331(ha)30(v)30(e)-340(led)-331(them)-342(to)-321(break)-331(that)-322(commitmen)30(t)-341(and)-332(raise)-331(their)-332(loan)]TJ T* [(in)30(terest)-342(rates.)]TJ 3.01125 -2.01754 TD [(T)81(o)-331(test)-343(our)-331(h)30(yp)-30(othesis,)-352(w)30(e)-341(in)31(v)30(estigate)-352(whether)-351(banks)-341(with)-332(larger)-331(net)-341(c)30(harge-o\013s)]TJ -3.01125 -2.01754 TD [(during)-301(the)-302(crisis)-312(increased)-310(the)-302(spreads)-312(on)-301(their)-301(loans)-301(b)30(y)-311(more)-291(than)-302(the)-301(other)-302(banks.)-441(W)80(e)]TJ T* [(fo)-30(cus)-372(on)-371(loans)-371(to)-362(\frms)-382(that)-362(b)-30(orro)29(w)31(ed)]TJ /F12 1 Tf 16.71244 0 Td [(b)51(oth)]TJ /F4 1 Tf 2.09784 0 Td [(b)-30(efore)-371(and)-361(during)-382(the)-372(crisis)-382(from)-372(the)]TJ /F12 1 Tf 16.3812 0 Td (same)Tj /F4 1 Tf -35.19147 -2.02757 TD [(bank)-361(to)-352(reduce)-370(concerns)-361(o)30(v)30(er)-371(sample)-362(selection.)-541(T)80(o)-351(con)31(trol)-362(for)-342(the)-361(endogeneit)31(y)-371(of)-352(bank)]TJ 0 -2.0175 TD [(losses,)-412(w)30(e)-391(in)30(v)30(estigate)-401(the)-382(role)-381(of)-371(losses)-393(in)-381(banks')-392(loan-pricing)-381(p)-30(olicies)-391(during)-382(the)-392(crisis)]TJ 18.42885 -3.0514 TD (5)Tj ET endstream endobj 8 0 obj << /Length 4806 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(through)-332(an)-341(instrumen)29(tal)-351(v)50(ariable)-331(approac)30(h.)-471(In)-332(addition,)-342(w)31(e)-351(follo)30(w)-331(Ra)-49(jan)-332((1992))-321({)-341(who)]TJ 0 -2.01753 TD [(argues)-341(that)-332(b)30(y)-352(monitoring)-331(b)-30(orro)29(w)31(ers,)-352(banks)-352(gain)-331(an)-341(information)-332(adv)51(an)30(tage)-341(that)-332(allo)31(ws)]TJ 0 -2.01754 TD [(them)-432(to)-422(imp)-30(ose)-441(higher)-432(in)30(terest)-442(rates)-433({)-421(and)-432(in)31(v)30(estigate)-442(whether)-442(the)-431(banks)-442(with)-432(large)]TJ T* [(losses)-322(increased)-311(in)30(terest)-322(rates)-302(on)-301(their)-301(loans)-301(to)-302(bank-dep)-30(enden)31(t)-321(b)-31(orro)30(w)30(ers)-311(b)30(y)-311(more)-301(than)]TJ T* [(they)-331(increased)-351(in)30(terest)-342(rates)-332(for)-322(b)-30(orro)30(w)30(ers)-342(that)-322(w)31(ere)-341(not)-321(dep)-30(enden)31(t)-352(on)-321(them.)]TJ 3.01125 -2.01754 TD [(W)81(e)-432(\fnd)-431(that)-423(\frms)-442(that)-423(b)-30(orro)30(w)30(ed)-441(during)-422(the)-431(subprime)-453(crisis)-442(paid)-422(an)-431(39)-421(basis)]TJ -3.01125 -2.01754 TD [(p)-30(oin)30(ts)-322(o)30(v)31(er)-322(Lib)-30(or)-312(more)-321(than)-311(they)-321(paid)-321(for)-312(the)-311(loans)-322(that)-311(they)-322(to)-30(ok)-311(out)-311(b)-30(efore)-321(the)-322(crisis)]TJ T* [(from)-392(the)]TJ /F12 1 Tf 4.12541 0 Td (same)Tj /F4 1 Tf 2.53949 0 Td [(bank)-391(after)-392(w)30(e)-401(con)31(trol)-392(for)-392(\frm-,)-402(loan-,)-402(and)-391(bank-sp)-31(eci\fc)-410(factors,)-402(and)-392(a)]TJ -6.6649 -2.01754 TD [(time)-432(trend)-422(on)-421(loan)-422(spreads.)-733(W)81(e)-432(also)-421(\fnd)-432(that)-412(the)-432(increase)-431(in)-432(loan)-411(spreads)-443(is)-422(higher)]TJ T* [(for)-472(b)-30(orro)29(w)31(ers)-493(that)-472(to)-30(ok)-472(out)-482(loans)-472(during)-482(the)-482(crisis)-493(from)-472(banks)-492(that)-472(incurred)-492(larger)]TJ T* [(losses.)-432(Our)-282(tests)-292(indicate)-281(that)-271(these)-292(\fndings)-291(are)-271(bank)-291(driv)30(en.)-431(Our)-272(instrumen)29(tal)-301(v)50(ariable)]TJ T* [(approac)31(h)-272(con\frms)-271(that)-262(banks)-281(with)-271(a)-261(higher)-261(exp)-29(osure)-282(to)-261(the)-271(mark)30(et)-271(for)-262(mortgage-bac)31(k)30(ed)]TJ T* [(securities)-312(increased)-290(the)-292(in)31(terest)-303(rates)-291(on)-281(their)-292(corp)-30(orate)-281(loans)-281(during)-292(the)-291(subprime)-302(crisis)]TJ T* [(b)30(y)-321(more)-311(than)-312(other)-311(banks.)-442(Consisten)30(t)-332(with)-311(that)-312(assertion,)-322(w)30(e)-321(also)-311(\fnd)-311(that)-302(banks)-321(with)]TJ T* [(larger)-321(losses)-352(increased)-341(the)-332(in)31(terest)-343(rates)-332(only)-331(on)-321(loans)-331(to)-332(bank-dep)-29(enden)30(t)-341(b)-30(orro)29(w)31(ers.)]TJ 3.01125 -2.01754 TD [(Our)-281(in)30(v)30(estigation)-292(of)-271(the)-281(size)-290(of)-271(the)-282(loans)-281(sho)30(ws)-291(that)-282(the)-281(loans)-281(that)-272(\frms)-292(to)-30(ok)-271(out)]TJ -3.01125 -2.01754 TD [(during)-382(the)-381(crisis)-383(w)31(ere)-391(smaller)-382(than)-382(the)-381(ones)-382(they)-381(had)-381(tak)30(en)-381(out)-372(b)-30(efore)-381(the)-372(crisis)-392(from)]TJ (the)' /F12 1 Tf 1.73649 0 Td (same)Tj /F4 1 Tf 2.51941 0 Td [(bank.)-572(W)81(e)-381(also)-372(\fnd)-381(that)-373(the)-371(decline)-390(in)-372(loan)-371(size)-381(is)-382(higher)-371(for)-372(b)-30(orro)30(w)30(ers)-382(that)]TJ -4.2559 -2.01754 TD [(to)-30(ok)-321(out)-332(loans)-321(during)-332(the)-331(crisis)-342(from)-332(banks)-331(that)-332(incurred)-332(larger)-331(losses.)]TJ 3.01125 -2.01754 TD [(Our)-291(\fndings)-292(are)-291(imp)-30(ortan)30(t)-292(b)-30(ecause)-300(they)-291(sho)29(w)-300(that)-282(banks')-301(losses)-302(in)-291(the)-292(subprime)]TJ -3.01125 -2.01754 TD [(mark)30(et)-321(had)-311(rami\fcations)-312(for)-312(the)-311(corp)-30(orate)-301(sector,)-322(resulting)-322(in)-311(an)-311(increase)-321(in)-311(the)-311(cost)-312(of)]TJ T* [(bank)-311(credit.)-442(Our)-311(tests)-323(on)-301(loan)-311(spreads)-322(do)-311(not)-301(directly)-321(address)-332(the)-311(claim)-311(that)-312(banks)-321(cut)]TJ T* [(lending)-291(during)-291(the)-301(crisis,)-302(but)-292(our)-291(\fnding)-291(sho)30(wing)-301(that)-282(they)-301(increased)-301(loan)-290(spreads)-302(lends)]TJ T* [(supp)-31(ort)-352(to)-351(that)-342(claim.)-512(F)80(urthermore,)-362(our)-341(\fnding)-362(that)-342(b)-30(orro)30(w)30(ers)-362(to)-30(ok)-341(out)-352(smaller)-361(loans)]TJ 0 -2.02757 TD [(during)-271(the)-281(crisis)-292(when)-281(they)-281(b)-30(orro)30(w)30(ed)-281(from)-271(banks)-281(that)-272(incurred)-281(larger)-271(losses)-292(is)-282(consisten)30(t)]TJ 0 -2.0175 TD [(with)-331(that)-332(claim.)]TJ 18.42885 -3.0514 TD (6)Tj ET endstream endobj 9 0 obj << /Length 3139 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 126 700.8 Tm 0 g [(Our)-241(\fndings)-252(are)-230(imp)-30(ortan)29(t)-241(for)-231(y)30(et)-251(another)-241(reason)-241({)-241(they)-241(sho)30(w)-251(a)-240(no)30(v)30(el)-251(approac)31(h)-241(to)]TJ -3.01125 -2.01753 TD [(iden)30(tifying)-341(c)30(hanges)-331(in)-331(bank)-321(lending)-341(activit)30(y)-331(that)-322(are)-321(bank)-331(driv)30(en.)-452(The)-330(most)-332(commonly)]TJ 0 -2.01754 TD [(used)-301(approac)30(h)-291(fo)-30(cuses)-301(on)-291(bank)-291(lending)-301(v)31(olumes.)-442(W)81(e)-291(fo)-30(cus)-291(instead)-302(on)-281(bank)-301(loan)-280(pricing.)]TJ T* [(Our)-271(approac)30(h)-271(b)-30(ene\fts)-281(from)-262(the)-271(loan-lev)31(el)-281(data)-261(a)30(v)51(ailable)-281(and)-260(most)-282(imp)-30(ortan)29(tly)80(,)-281(from)-271(the)]TJ T* [(existing)-352(theories)-351(on)-341(loan)-331(in)30(terest)-363(rates,)-342(whic)31(h)-361(are)-331(k)30(ey)-361(to)-331(designing)-352(a)-341(strategy)-342(to)-331(isolate)]TJ T* [(bank-driv)30(en)-341(e\013ects.)]TJ 3.01125 -2.01754 TD [(The)-511(remainder)-512(of)-502(our)-492(pap)-30(er)-512(is)-502(organized)-511(as)-503(follo)31(ws.)-964(Section)-511(1)-502(presen)30(ts)-523(our)]TJ -3.01125 -2.01754 TD [(metho)-30(dology)-301(and)-301(our)-291(sample.)-442(Section)-300(2)-291(in)30(v)30(estigates)-332(whether)-301(the)-311(spreads)-302(banks)-311(c)30(harged)]TJ T* [(during)-271(the)-281(crisis)-282(w)30(ere)-281(a\013ected)-280(b)30(y)-281(their)-271(losses.)-443(Section)-280(3)-261(in)30(v)30(estigates)-302(whether)-280(the)-272(link)-281(b)-30(e-)]TJ T* [(t)30(w)30(een)-330(bank)-321(losses)-322(and)-311(loan)-311(spreads)-332(is)-312(bank)-321(driv)30(en.)-451(Section)-321(4)-301(in)30(v)30(estigates)-342(whether)-321(bank)]TJ T* [(losses)-342(a\013ected)-341(the)-331(size)-331(of)-321(corp)-30(orate)-331(loans.)-442(Section)-331(5)-321(o\013ers)-332(some)-341(concluding)-330(remarks.)]TJ /F10 1 Tf 17.21544 0 0 17.21544 90 405 Tm [(1)-1122(Metho)-28(dology)91(,)-355(data,)-376(and)-377(sample)-369(c)28(haracterization)]TJ /F13 1 Tf 14.34624 0 0 14.34624 90 363.24 Tm [(1.1)-1131(Metho)-34(dology)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 331.32 Tm [(Our)-352(metho)-30(dology)-360(has)-352(t)30(w)30(o)-361(parts.)-523(The)-361(\frst)-362(part)-352(in)30(v)30(estigates)-372(whether)-371(banks)-362(with)-361(larger)]TJ 0 -2.01754 TD [(losses)-412(during)-412(the)-402(subprime)-422(crisis)-412(increased)-411(their)-413(loan)-391(spreads)-422(b)30(y)-401(more)-412(than)-392(the)-411(other)]TJ T* [(banks.)-452(The)-330(second)-341(part)-322(in)30(v)30(estigates)-352(whether)-341(our)-331(results)-343(are)-321(bank)-331(driv)30(en.)]TJ /F3 1 Tf 0 -3.41275 TD [(1.1.1)-1125(Loan)-391(spreads)-391(and)-382(bank)-393(losses)-380(in)-382(the)-372(subprime)-392(crisis)]TJ /F4 1 Tf 0 -2.66997 TD [(T)81(o)-362(in)31(v)30(estigate)-372(whether)-371(bank)-371(losses)-372(a\013ected)-371(loan)-351(spreads)-372(during)-362(the)-361(crisis,)-383(w)31(e)-371(estimate)]TJ 0 -2.01754 TD [(the)-331(follo)30(wing)-331(mo)-30(del)-331(of)-321(loan)-321(spreads:)]TJ 18.42885 -10.45907 TD (7)Tj ET endstream endobj 10 0 obj << /Length 8059 >> stream /GS4 gs BT /F14 1 Tf 11.95517 0 0 11.95517 129.72 665.76 Tm 0 g [(LO)-30(AN)-331(S)-61(P)-141(R)-9(E)-60(AD)]TJ /F15 1 Tf 7.97011 0 0 7.97011 223.08 663.96 Tm [(b;f)-45(;l)-15(;t)]TJ /F4 1 Tf 11.95517 0 0 11.95517 247.68 665.76 Tm (=)Tj /F14 1 Tf 1.03386 0 Td (c)Tj /F4 1 Tf 0.6424 0 Td (+)Tj /F14 1 Tf 0.98367 0 Td 0.08 Tc [<0B>-211(C)10(R)70(IS)20(IS)]TJ /F15 1 Tf 7.97011 0 0 7.97011 336 663.96 Tm 0 Tc (t)Tj /F4 1 Tf 11.95517 0 0 11.95517 342.12 665.76 Tm (+)Tj /F14 1 Tf 0.98368 0 Td [(\f)-331(C)-70(H)-81(AR)-9(GE)-60(O)-30(F)-141(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 455.76 663.96 Tm (b;t)Tj /F16 1 Tf 1.12922 0 Td <00>Tj /F11 1 Tf 0.82809 0 Td (1)Tj /F4 1 Tf 11.95517 0 0 11.95517 246.96 638.64 Tm (+)Tj /F14 1 Tf 0.98367 0 Td 0.08 Tc [(\r)-251(C)10(R)70(IS)20(IS)]TJ /F15 1 Tf 7.97011 0 0 7.97011 314.4 636.84 Tm 0 Tc (t)Tj /F17 1 Tf 11.95517 0 0 11.95517 320.52 638.64 Tm <01>Tj /F14 1 Tf 0.50187 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 417.84 636.84 Tm (b;t)Tj /F16 1 Tf 1.12922 0 Td <00>Tj /F11 1 Tf 0.82809 0 Td (1)Tj /F4 1 Tf 11.95517 0 0 11.95517 246.96 605.76 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 265.2 620.76 Tm (I)Tj /F18 1 Tf 11.95517 0 0 11.95517 258.72 617.16 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 260.52 591.96 Tm (i)Tj /F11 1 Tf 0.36135 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 278.04 605.76 Tm ( )Tj /F15 1 Tf 7.97011 0 0 7.97011 285.6 603.96 Tm (i)Tj /F14 1 Tf 11.95517 0 0 11.95517 288.96 605.76 Tm (B)Tj /F15 1 Tf 7.97011 0 0 7.97011 297.84 603.96 Tm (i;b;t)Tj /F16 1 Tf 1.7917 0 Td <00>Tj /F11 1 Tf 0.82809 0 Td (1)Tj /F4 1 Tf 11.95517 0 0 11.95517 326.16 605.76 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 343.8 620.76 Tm (J)Tj /F18 1 Tf 11.95517 0 0 11.95517 337.92 617.16 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 339.24 591.96 Tm (j)Tj /F11 1 Tf 0.49686 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 357.12 605.76 Tm <10>Tj /F15 1 Tf 7.97011 0 0 7.97011 362.28 603.96 Tm (j)Tj /F14 1 Tf 11.95517 0 0 11.95517 366.6 605.76 Tm (F)Tj /F15 1 Tf 7.97011 0 0 7.97011 374.16 603.96 Tm [(j;f)-45(;t)]TJ /F16 1 Tf 1.97237 0 Td <00>Tj /F11 1 Tf 0.82809 0 Td (1)Tj /F4 1 Tf 11.95517 0 0 11.95517 403.92 605.76 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 420.36 620.76 Tm (K)Tj /F18 1 Tf 11.95517 0 0 11.95517 415.68 617.16 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 416.52 591.72 Tm (k)Tj /F11 1 Tf 0.58719 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 434.88 605.76 Tm <17>Tj /F15 1 Tf 7.97011 0 0 7.97011 440.64 603.96 Tm (k)Tj /F14 1 Tf 11.95517 0 0 11.95517 445.8 605.76 Tm (L)Tj /F15 1 Tf 7.97011 0 0 7.97011 453.72 603.96 Tm 0.03 Tc [(k;)30(l)]TJ /F4 1 Tf 11.95517 0 0 11.95517 466.56 605.76 Tm 0 Tc (+)Tj /F14 1 Tf 0.98367 0 Td <0F>Tj /F15 1 Tf 7.97011 0 0 7.97011 483 603.96 Tm 0.045 Tc [(f;)45(t)]TJ /F14 1 Tf 11.95517 0 0 11.95517 493.32 605.76 Tm 0 Tc (;)Tj /F4 1 Tf 2.34878 0 Td ((1))Tj -35.80376 -3.08151 TD (where)Tj /F14 1 Tf 2.78039 0 Td [(LO)-30(AN)-221(S)-60(P)-141(R)-10(E)-60(AD)]TJ /F15 1 Tf 7.97011 0 0 7.97011 218.64 567.12 Tm [(b;f)-45(;l)-15(;t)]TJ /F4 1 Tf 11.95517 0 0 11.95517 243.24 568.92 Tm [(is)-281(the)-282(all-in)-281(dra)30(wn)-281(spread)-291(o)30(v)30(er)-281(Lib)-30(or)-281(of)-271(loan)]TJ /F14 1 Tf 18.78016 0 Td (l)Tj /F4 1 Tf 0.59221 0 Td [(extended)-300(b)30(y)]TJ -32.19026 -2.01753 TD (bank)Tj /F14 1 Tf 2.34877 0 Td (b)Tj /F4 1 Tf 0.67251 0 Td [(to)-261(\frm)]TJ /F14 1 Tf 3.1317 0 Td (f)Tj /F4 1 Tf 0.84315 0 Td [(at)-251(date)]TJ /F14 1 Tf 3.23207 0 Td (t:)Tj /F4 1 Tf 0.8833 0 Td [(According)-270(to)-251(Dealscan,)-271(the)-271(all-in)-251(dra)30(wn)-260(spread)-272(is)-261(a)-251(measure)-271(of)]TJ -11.11151 -2.01754 TD [(the)-321(o)30(v)30(erall)-321(cost)-321(of)-312(the)-321(loan)-311(b)-30(ecause)-320(it)-322(tak)30(es)-321(b)-30(oth)-312(one-time)-321(and)-321(recurring)-321(fees)-321(asso)-31(ciated)]TJ T* [(with)-351(the)-352(loan)-351(in)30(to)-351(accoun)31(t.)]TJ /F14 1 Tf 12.16545 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.21575 0 Td 0 Tc [(is)-352(a)-351(dumm)30(y)-361(v)50(ariable)-351(indicating)-351(whether)-361(the)-352(loan)]TJ -16.3812 -2.01753 TD [(w)30(as)-411(tak)30(en)-422(out)-401(during)-412(the)-412(subprime)-422(crisis,)-443(whic)31(h)-421(w)30(e)-421(de\fne)-421(as)-412(the)-401(p)-30(erio)-30(d)-412(b)-30(et)30(w)30(een)-430(the)]TJ 0 -2.01754 TD [(fourth)-322(quarter)-322(of)-321(2007)-311(and)-321(the)-331(fourth)-312(quarter)-332(of)-321(2008.)]TJ /F14 1 Tf 23.55801 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.99989 0 Td [(is)-322(the)-331(ratio)-312(of)]TJ -31.5579 -2.01754 TD [(the)-381(bank's)-402(net)-382(c)31(harge-o\013s)-392(o)30(v)30(er)-391(assets)-393(in)-391(the)-382(quarter)-392(b)-30(efore)-381(the)-381(loan)-382(date.)-602(This)-401(is)-382(our)]TJ 0 -2.02757 TD [(measure)-341(of)-321(bank)-331(losses.)]TJ 3.01125 -2.01754 TD [(As)-362(b)-30(orro)30(w)30(ers')-361(risk)-363(and)-351(the)-361(cost)-362(of)-341(bank)-361(funding)-362(tend)-351(to)-352(go)-351(up)-351(during)-362(economic)]TJ -3.01125 -2.01754 TD [(crises,)-412(w)30(e)-401(exp)-29(ect)]TJ /F14 1 Tf 7.61846 0 Td 0.392 Tc <0B3E>Tj /F4 1 Tf 2.14803 0 Td 0 Tc (0)Tj /F14 1 Tf 0.49184 0 Td (:)Tj /F4 1 Tf 0.65244 0 Td [(As)-392(banks)-391(with)-392(larger)-381(losses)-403(are)-391(lik)30(ely)-401(to)-382(ha)31(v)30(e)-391(higher)-392(costs)-392(of)]TJ -10.91076 -2.01753 TD [(funds)-332(and)-331(are)-321(lik)30(ely)-351(to)-321(b)-30(e)-321(more)-331(willing)-331(to)-332(consume)-340(reputational)-322(capital)-331(to)-322(rebuild)-331(their)]TJ T* [(\fnancial)-331(capital,)-331(w)31(e)-331(exp)-30(ect)]TJ /F14 1 Tf 11.93459 0 Td 0.331 Tc (\f>)Tj /F4 1 Tf 1.9272 0 Td 0 Tc (0)Tj /F14 1 Tf 0.49184 0 Td (:)Tj /F4 1 Tf 0.59221 0 Td [(The)-331(extraordinary)-331(losses)-342(that)-332(banks)-332(incurred)-341(during)]TJ -14.94584 -2.01754 TD [(the)-412(subprime)-432(crisis)-422(exacerbated)-421(these)-421(e\013ects,)-442(so)-412(w)31(e)-421(exp)-30(ect)]TJ /F14 1 Tf 26.05735 0 Td 0.472 Tc (\r>)Tj /F4 1 Tf 2.15806 0 Td 0 Tc (0)Tj /F14 1 Tf 0.49184 0 Td (:)Tj /F4 1 Tf 0.68255 0 Td [(W)81(e)-412(estimate)-422(these)]TJ -29.3898 -2.01753 TD [(e\013ects,)-441(con)30(trolling)-422(for)-402(a)-411(set)-412(of)-402(bank-,)-441(\frm-,)-423(and)-411(loan-sp)-31(eci\fc)-420(v)50(ariables)-422($)]TJ /F14 1 Tf 31.59805 0 Td 0.05 Tc [(B;)-362(F)20(;)]TJ /F4 1 Tf 2.82054 0 Td 0 Tc (and)Tj /F14 1 Tf 1.98742 0 Td (L;)Tj /F4 1 Tf -36.40601 -2.01754 TD [(resp)-31(ectiv)31(ely$,)-361(whic)30(h)-341(w)31(e)-331(describ)-30(e)-351(next.)]TJ 3.01125 -2.01754 TD [(W)81(e)-442(b)-30(egin)-451(b)30(y)-452(discussing)-462(our)-442(bank)-441(con)30(trols.)]TJ /F14 1 Tf 19.52294 0 Td [(LAS)-61(S)-60(E)-60(T)-141(S;)]TJ /F4 1 Tf 5.53066 0 Td [(the)-442(log)-441(of)-432(the)-451(bank's)]TJ -28.06485 -2.01754 TD [(total)-362(assets,)-393(con)31(trols)-372(for)-362(bank)-371(size.)-562(As)-372(larger)-361(banks)-382(tend)-371(to)-362(b)-30(e)-361(b)-30(etter)-372(div)30(ersi\fed,)-401(they)]TJ T* [(will)-371(most)-372(lik)30(ely)-381(ha)30(v)31(e)-382(access)-391(to)-361(a)-361(lo)30(w)30(er)-381(cost)-372(of)-361(funds)-372(and)-371(th)29(us)-371(o\013er)-372(lo)30(w)31(er)-372(loan)-361(spreads.)]TJ T* [(Similarly)80(,)-341(a)-321(bank's)-332(capital-to-assets)-333(ratio)-321($)]TJ /F14 1 Tf 18.15784 0 Td [(C)-70(AP)-141(I)-79(T)-141(AL)]TJ /F4 1 Tf 4.8983 0 Td [($)-322(ma)31(y)-342(act)-321(as)-331(a)-321(pro)30(xy)-341(for)-322(a)-321(bank's)]TJ -23.0561 -2.0175 TD [(impro)30(v)30(ed)-281(\fnancial)-280(p)-30(osition,)-282(again)-260(leading)-271(to)-261(a)-261(lo)30(w)31(er)-281(loan)-261(spread.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 417.24 114.84 Tm (8)Tj /F4 1 Tf 11.95517 0 0 11.95517 425.28 110.52 Tm [(Con)31(v)30(ersely)80(,)-311(indicators)]TJ -28.0448 -2.0175 TD [(of)-452(bank)-461(risk,)-503(suc)30(h)-472(as)-462(the)-461(v)30(olatilit)29(y)-471(of)-462(the)-462(return)-462(on)-452(assets)-473($)]TJ /F14 1 Tf 26.8503 0 Td 0.01 Tc [(RO)-20(A)-301(V)-201(O)-19(L)]TJ /F4 1 Tf 4.808 0 Td 0 Tc [($,)-492(ma)30(y)-462(mean)]TJ -13.22942 -2.10787 TD (8)Tj ET endstream endobj 11 0 obj << /Length 5975 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(that)-412(the)-422(bank)-421(faces)-421(a)-412(higher)-411(cost)-422(of)-412(funds,)-442(suggesting)-422(a)-411(p)-31(ositiv)30(e)-431(impact)-422(on)-411(spreads.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 531.48 705.2401 Tm (9)Tj /F4 1 Tf 11.95517 0 0 11.95517 90 676.6801 Tm [(W)81(e)-452(also)-452(con)31(trol)-452(for)-442(the)-452(bank's)-462(cost)-452(of)-442(funds)-452(b)30(y)-462(including)-451(the)-452(ratio)-452(of)-441(total)-443(dep)-29(osits)]TJ 0 -2.01754 TD [(o)30(v)30(er)-371(assets)-372($)]TJ /F14 1 Tf 5.32991 0 Td 0.03 Tc [(DE)-30(P)-111(OS)-30(I)-50(T)-111(S)]TJ /F4 1 Tf 5.73141 0 Td 0 Tc [($,)-342(and)-361(the)-361(ratio)-352(of)-351(cash)-372(and)-361(mark)30(etable)-371(securities)-382(o)30(v)30(er)-361(assets)]TJ -11.06132 -2.01754 TD ($)Tj /F14 1 Tf 0.38142 0 Td 0.08 Tc [(L)80(IQ)80(U)-21(ID)50(IT)-61(Y)]TJ /F4 1 Tf 6.07269 0 Td 0 Tc [($.)-693(As)-422(dep)-30(osits)-422(are)-412(b)-30(eliev)31(ed)-431(to)-402(b)-30(e)-421(an)-402(inexp)-29(ensiv)30(e)-451(source)-422(of)-401(funding)-412(for)]TJ -6.45411 -2.01754 TD [(banks,)-281(w)30(e)-280(exp)-30(ect)-271(banks)-271(with)-271(more)-261(dep)-30(osits)-272(to)-261(c)30(harge)-260(lo)30(w)30(er)-281(spreads.)-422(As)-271(banks)-271(with)-272(more)]TJ T* [(liquid)-371(assets)-373(will)-371(most)-362(lik)30(ely)-381(\fnd)-361(it)-362(easier)-361(to)-362(fund)-361(loans)-362(on)-361(the)-362(margin,)-371(w)30(e)-371(also)-361(exp)-30(ect)]TJ T* [(a)-311(negativ)30(e)-330(sign)-332(for)-311(this)-323(v)51(ariable.)-442(In)-321(addition,)-322(w)31(e)-331(con)31(trol)-322(for)-312(a)-321(bank's)-331(sub)-31(ordinated)-321(debt)]TJ T* [(as)-291(a)-291(fraction)-302(of)-281(assets)-312($)]TJ /F14 1 Tf 9.75645 0 Td 0.06 Tc [(SU)-41(B)10(D)30(EB)10(T)]TJ /F4 1 Tf 5.34999 0 Td 0 Tc [($)-292(b)-30(ecause)-310(sub)-31(ordinated)-301(debt)-301(ma)30(y)-301(act)-301(as)-291(a)-291(substitute)]TJ -15.10644 -2.01754 TD [(for)-302(bank)-321(equit)31(y)-332(capital)-310(and)-312(b)-30(ecause)-320(it)-312(indicates)-321(that)-312(the)-311(bank)-321(has)-311(access)-331(to)-301(public)-321(debt)]TJ T* [(mark)30(ets.)-653(In)-392(either)-401(case,)-421(the)-402(impact)-402(on)-391(loan)-391(spreads)-402(should)-402(b)-30(e)-401(negativ)30(e.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 466.2 488.04 Tm (10)Tj /F4 1 Tf 11.95517 0 0 11.95517 480 483.72 Tm [(Finally)80(,)-411(w)30(e)]TJ -32.62187 -2.01753 TD [(con)31(trol)-282(for)-272(\frms)-281(that)-272(ha)30(v)30(e)-290(a)-271(relationship)-292(with)-281(their)-272(bank)-291(b)30(y)-280(including)-281(a)-281(dumm)30(y)-291(v)50(ariable)]TJ T* [(equal)-341(to)-331(one)-341(if)-341(the)-332(\frm)-341(b)-31(orro)30(w)31(ed)-351(from)-332(the)-341(lender)-341(of)-332(the)-341(curren)30(t)-352(loan)-331(o)31(v)30(er)-352(the)-331(last)-342(y)30(ear)]TJ ($)' /F14 1 Tf 0.38142 0 Td 0.06 Tc [(R)50(EL)60(A)60(T)-81(I)-20(O)31(N)-41(SH)-21(I)-19(P)]TJ /F4 1 Tf 8.66236 0 Td 0 Tc [($.)-522(A)-361(relationship)-373(ma)31(y)-372(giv)31(e)-371(the)-362(\frm)-362(the)-371(b)-30(ene\ft)-371(of)-351(a)-362(lo)31(w)30(er)-371(spread,)]TJ -9.04379 -2.01753 TD [(but)-332(it)-321(migh)30(t)-332(also)-331(indicate)-341(a)-321(greater)-331(information)-322(monop)-30(oly)80(,)-331(leading)-330(to)-322(higher)-331(spreads.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 524.76 391.56 Tm (11)Tj /F4 1 Tf 11.95517 0 0 11.95517 126 363.12 Tm [(W)81(e)-331(discuss)-353(next)-341(our)-321(set)-342(of)-321(\frm-sp)-31(eci\fc)-341(v)51(ariables,)]TJ /F14 1 Tf 21.36984 0 Td 0.03 Tc (F:)Tj /F4 1 Tf 1.26472 0 Td 0 Tc [(A)-331(subset)-342(of)-321(these)-342(v)51(ariables,)]TJ -25.64581 -2.01754 TD [(whic)31(h)-402(includes)]TJ /F14 1 Tf 6.68497 0 Td (LAGE)Tj /F4 1 Tf 3.35252 0 Td [($the)-392(log)-391(of)-381(the)-392(\frm's)-402(age$)-392(and)]TJ /F14 1 Tf 13.64096 0 Td [(LS)-61(ALE)-60(S)]TJ /F4 1 Tf 4.55702 0 Td [($the)-402(log)-381(of)-392(the)-391(\frm's)]TJ -28.23548 -2.01754 TD [(sales$,)-432(con)30(trols)-402(for)-392(the)-402(\frm's)-412(o)30(v)30(erall)-411(risk.)-653(Older)-402(\frms)-412(are)-392(t)30(ypically)-421(b)-30(etter)-402(established)]TJ T* [(and,)-472(therefore,)-482(less)-462(risky)80(.)-803(Similarly)80(,)-482(larger)-442(\frms)-452(are)-442(usually)-462(b)-30(etter)-442(div)30(ersi\fed)-472(across)]TJ T* [(customers,)-342(suppliers,)-352(and)-332(regions.)]TJ 3.01125 -2.01754 TD [(The)-431(next)-431(v)50(ariables)-432(serv)30(e)-442(as)-431(pro)29(xies)-441(for)-412(the)-432(risk)-432(of)-422(the)-431(\frm's)-433(debt)-432(rather)-422(than)]TJ -3.01125 -2.01754 TD [(the)-341(risk)-352(of)-342(the)-341(o)30(v)30(erall)-351(business.)]TJ /F14 1 Tf 13.8116 0 Td [(LE)-60(V)-221(E)-60(R)-10(AGE)]TJ /F4 1 Tf 6.40393 0 Td [(is)-342(the)-351(\frm's)-352(debt)-342(o)31(v)30(er)-352(assets.)-493(As)-341(higher)]TJ -20.21552 -2.01754 TD [(lev)31(erage)-311(suggests)-312(a)-301(greater)-291(c)30(hance)-320(of)-291(default,)-301(it)-302(should)-311(ha)30(v)30(e)-311(a)-291(p)-30(ositiv)30(e)-311(e\013ect)-311(on)-291(spreads.)]TJ /F14 1 Tf T* 0.141 Tc [(PR)131(O)111(FI)62(TM)41(A)141(R)131(G)141(I)62(N)]TJ /F4 1 Tf 9.22446 0 Td 0 Tc [(is)-221(the)-231(\frm's)-232(net)-221(income)-230(divided)-240(b)30(y)-231(sales.)-412(More)-221(pro\ftable)-231(\frms)-232(ha)30(v)31(e)]TJ -9.22446 -2.01754 TD [(a)-351(greater)-362(cushion)-371(for)-352(servicing)-371(debt)-361(and)-362(th)30(us)-362(should)-372(pa)31(y)-362(lo)31(w)30(er)-371(spreads.)-543(A)-351(more)-361(direct)]TJ 0 -2.02757 TD [(measure)-381(of)-352(the)-371(\frm's)-372(abilit)29(y)-381(to)-362(service)-381(debt)-371(is)-372(in)30(terest)-382(co)30(v)31(erage,)-381(whic)31(h)-382(w)31(e)-371(measure)-382(b)30(y)]TJ /F14 1 Tf 0 -2.0175 TD 0.06 Tc [(L)60(I)-20(N)-41(T)-80(ER)50(EST)-242(C)-10(O)30(V)]TJ /F4 1 Tf 9.2646 0 Td 0 Tc [({)-291(the)-301(log)-301(of)-291(1)-291(plus)-312(EBITD)31(A)-301(divided)-321(b)30(y)-301(in)30(terest)-312(exp)-30(ense)-320(truncated)]TJ 9.16424 -3.0514 TD (9)Tj ET endstream endobj 12 0 obj << /Length 5698 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(at)-321(0.)-432(Again,)-331(a)-321(higher)-331(in)30(terest)-342(co)31(v)30(erage)-341(ratio)-321(should)-342(mak)30(e)-341(the)-331(\frm's)-332(debt)-331(less)-342(risky)79(.)]TJ 3.01125 -2.01753 TD [(Another)-382(asp)-30(ect)-381(of)-371(credit)-392(risk)-382(is)-382(the)-381(debt)-382(holders')-392(losses)-392(in)-381(the)-382(ev)31(en)30(t)-392(of)-381(default.)]TJ -3.01125 -2.01754 TD [(T)81(o)-432(capture)-441(that)-433(risk,)-462(w)30(e)-441(con)31(trol)-443(for)-422(the)-441(size)-442(and)-431(qualit)30(y)-452(of)-421(the)-442(asset)-443(base)-431(that)-432(debt)]TJ T* [(holders)-472(can)-461(dra)30(w)-472(on)-461(in)-462(default.)]TJ /F14 1 Tf 14.84546 0 Td [(T)-141(AN)-100(GI)-79(B)-50(LE)-61(S)]TJ /F4 1 Tf 6.97606 0 Td [(is)-472(the)-462(\frm's)-473(in)30(v)31(en)30(tories)-493(plus)-462(plan)31(t,)]TJ -21.82152 -2.01754 TD [(prop)-30(ert)29(y)81(,)-472(and)-432(equipmen)31(t)-462(o)30(v)31(er)-442(assets.)-774(Because)-451(tangible)-441(assets)-443(lose)-441(less)-453(of)-431(their)-442(v)50(alue)]TJ T* [(in)-412(default)-411(than)-402(do)-411(in)30(tangible)-412(assets,)-442(w)30(e)-421(exp)-30(ect)-421(this)-412(v)50(ariable)-411(to)-402(ha)30(v)30(e)-421(a)-401(negativ)30(e)-421(e\013ect)]TJ T* [(on)-351(spreads.)]TJ /F14 1 Tf 5.32991 0 Td 0.08 Tc [(A)80(D)50(V)-141(E)20(R)70(T)-60(IS)19(IN)-20(G)]TJ /F4 1 Tf 8.30101 0 Td 0 Tc [(is)-362(the)-351(\frm's)-362(adv)30(ertising)-372(exp)-30(ense)-371(divided)-371(b)30(y)-361(sales.)-522(This)]TJ -13.63092 -2.01754 TD [(v)50(ariable)-391(pro)30(xies)-402(for)-381(the)-392(\frm's)-402(brand)-392(equit)30(y)80(,)-421(whic)31(h)-402(is)-392(in)30(tangible)-401(and)-391(th)29(us)-392(w)31(e)-401(exp)-30(ect)-401(it)]TJ T* [(to)-321(ha)30(v)30(e)-341(a)-331(p)-30(ositiv)29(e)-341(e\013ect)-330(on)-331(spreads.)-443(Similarly)80(,)-341(w)31(e)-341(exp)-30(ect)]TJ /F14 1 Tf 24.61195 0 Td (R)Tj /F4 1 Tf 0.75281 0 Td (&)Tj /F14 1 Tf 0.76285 0 Td 0.03 Tc (D;)Tj /F4 1 Tf 1.43536 0 Td 0 Tc [(the)-331(\frm's)-343(researc)31(h)-342(and)]TJ -27.56297 -2.01754 TD [(dev)31(elopmen)31(t)-463(exp)-29(ense)-452(divided)-441(b)30(y)-441(sales,)-473(to)-431(ha)30(v)30(e)-441(a)-422(p)-30(ositiv)30(e)-452(e\013ect)-441(on)-421(spreads.)-774(W)81(e)-431(also)]TJ T* [(con)31(trol)-372(for)-362(the)-362(\frm's)-382(net)30(w)31(orking)-382(capital)-361($curren)30(t)-382(assets)-383(less)-372(curren)30(t)-382(liabilities$)-372(divided)]TJ T* [(b)30(y)-381(total)-372(debt,)]TJ /F14 1 Tf 6.36377 0 Td 0.1 Tc [(NW)-41(C)80(;)]TJ /F4 1 Tf 3.31238 0 Td 0 Tc [(b)-30(ecause)-391(this)-382(measures)-392(the)-381(liquid)-392(asset)-382(base)-391(that)-372(is)-382(less)-392(lik)30(ely)-391(to)]TJ -9.67615 -2.01754 TD [(lose)-311(v)50(alue)-300(in)-302(default.)-431(W)80(e)-310(exp)-30(ect)-311(it)-302(to)-301(ha)30(v)31(e)-311(a)-301(negativ)30(e)-311(e\013ect)-310(on)-301(spreads.)]TJ /F14 1 Tf 30.64449 0 Td 0.03 Tc [(M)-70(K)-40(T)-111(OB)-20(OOK)]TJ /F4 1 Tf -30.64449 -2.01753 TD 0 Tc [(is)-432(the)-432(\frm's)-442(mark)30(et-to-b)-31(o)-30(ok)-422(ratio,)-452(whic)31(h)-442(acts)-432(as)-431(a)-432(pro)30(xy)-442(for)-422(the)-431(v)50(alue)-431(that)-422(the)-442(\frm)]TJ T* [(is)-362(exp)-29(ected)-371(to)-352(gain)-351(from)-351(future)-362(gro)30(wth.)-522(Although)-362(gro)30(wth)-361(opp)-30(ortunities)-363(are)-351(vulnerable)]TJ T* [(to)-402(\fnancial)-401(distress,)-443(w)30(e)-411(already)-411(ha)30(v)31(e)-412(con)31(trols)-413(for)-392(the)-401(tangibilit)29(y)-411(of)-402(b)-30(o)-30(ok-v)51(alue)-391(assets.)]TJ T* [(Therefore,)-290(this)-282(v)50(ariable)-271(could)-280(ha)30(v)30(e)-281(a)-270(negativ)30(e)-281(e\013ect)-280(on)-271(spreads)-282(if)-271(it)-271(represen)30(ts)-302(additional)]TJ T* [(v)50(alue)-330($o)29(v)31(er)-342(and)-321(ab)-30(o)31(v)30(e)-341(b)-30(o)-30(ok)-321(v)50(alue$)-331(that)-322(debt)-331(holders)-342(can)-331(access)-340(in)-332(the)-331(ev)31(en)30(t)-342(of)-321(default.)]TJ 3.01125 -2.01754 TD [(W)81(e)-361(complemen)31(t)-372(these)-361(risk)-373(con)31(trols)-362(with)-352(some)-361(forw)30(ard-lo)-30(oking)-351(measures)-372(of)-351(risk.)]TJ /F14 1 Tf -3.01125 -2.01754 TD 0.06 Tc [(EX)-20(C)-10(ES)-1(S)-221(R)50(ET)]TJ /F4 1 Tf 7.35749 0 Td 0 Tc [(is)-342(the)-341(\frm's)-352(excess)-361(sto)-31(c)30(k)-341(return)-342($relativ)30(e)-351(to)-332(the)-341(mark)30(et$)-342(o)30(v)30(er)-351(the)-341(past)]TJ -7.35749 -2.01754 TD [(12)-461(mon)30(ths.)-874(T)80(o)-471(the)-472(exten)30(t)-482(that)-462(a)-472(\frm)-472(outp)-30(erforms)-473(the)-472(mark)30(et's)-482(required)-482(return,)-513(it)]TJ T* [(should)-422(ha)30(v)31(e)-432(more)-421(cushion)-432(against)-422(default,)-441(and,)-442(th)30(us,)-453(a)-411(lo)30(w)31(er)-432(spread.)]TJ /F14 1 Tf 31.00584 0 Td 0.03 Tc [(S)-30(T)-111(OC)-40(K)-311(V)-181(OL)]TJ /F4 1 Tf -31.00584 -2.01754 TD 0 Tc [(is)-422(the)-412(standard)-412(deviation)-421(of)-412(the)-412(\frm's)-422(sto)-31(c)31(k)-422(return)-412(o)30(v)30(er)-421(the)-422(past)-412(12)-412(mon)31(ths.)-704(Higher)]TJ T* [(v)30(olatilit)30(y)-412(indicates)-401(a)-391(greater)-402(risk)-402(of)-392(default,)-411(so)-402(that)-392(w)30(e)-401(exp)-30(ect)-411(this)-402(v)50(ariable)-401(to)-392(ha)30(v)30(e)-401(a)]TJ 0 -2.02757 TD [(p)-30(ositiv)29(e)-421(impact)-411(on)-412(spreads.)-683(W)80(e)-411(also)-411(con)30(trol)-412(for)-402(the)-411(b)-31(orro)30(w)31(er's)-412(EDF)-403(as)-411(computed)-422(b)30(y)]TJ 0 -2.0175 TD [(KMV.)-271(EDFs)-262(are)-261(driv)30(en)-281(b)30(y)-271(sto)-30(c)30(k)-271(price)-271(information,)-271(but)-272(they)-271(ha)31(v)30(e)-271(established)-291(themselv)30(es)]TJ 18.17791 -3.0514 TD (10)Tj ET endstream endobj 13 0 obj << /Length 5521 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(as)-392(one)-391(of)-381(the)-392(most)-392(accurate)-401(predictors)-402(of)-381(\frms')-403(risk)-392(of)-391(default.)-623(Since)-401(w)31(e)-391(do)-392(not)-391(ha)30(v)30(e)]TJ 0 -2.01753 TD [(KMV)-381(EDF)-372(information)-372(for)-372(all)-371(of)-372(the)-381(\frms)-393(in)-371(our)-382(sample,)-401(w)30(e)-381(consider)-391(this)-383(v)51(ariable)-381(in)]TJ 0 -2.01754 TD [(our)-372(robustness)-393(tests.)-593(In)-382(addition,)-392(w)31(e)-381(include)-391(dumm)30(y)-391(v)50(ariables)-382(for)-372(the)-371(credit)-382(rating)-372(of)]TJ T* [(the)-301(b)-30(orro)29(w)31(er)-311(b)-31(ecause)-310(rating)-302(agencies)-310(claim)-300(that)-302(they)-311(ha)30(v)30(e)-311(access)-310(to)-302(priv)50(ate)-301(information)]TJ T* [(on)-341(\frms,)-352(and)-342(w)31(e)-351(include)-351(dumm)30(y)-351(v)50(ariables)-351(for)-332(single-digit)-351(SIC)-342(industry)-352(groups)-352(b)-30(ecause)]TJ T* [(eac)31(h)-331(industry)-353(ma)30(y)-331(face)-330(additional)-321(risk)-342(factors)-322(that)-332(are)-321(not)-332(captured)-331(b)30(y)-341(our)-322(con)31(trols.)]TJ 3.01125 -2.01754 TD [(W)81(e)-442(discuss)-462(next)-442(our)-442(set)-442(of)-432(loan)-431(con)31(trols.)-784(It)-433(includes)-461(the)-442(log)-431(of)-432(loan)-431(amoun)30(t,)]TJ /F14 1 Tf -3.01125 -2.01754 TD [(LAM)-100(O)-30(U)-101(N)-100(T)-81(;)]TJ /F4 1 Tf 6.16302 0 Td [(and)-351(the)-352(log)-351(of)-341(the)-351(loan)-351(maturit)29(y)80(,)]TJ /F14 1 Tf 14.52426 0 Td [(LM)-100(AT)-141(U)-101(R)-9(I)-80(T)-141(Y)-50(:)]TJ /F4 1 Tf 7.15674 0 Td [(Larger)-342(loans)-351(ma)30(y)-361(rep-)]TJ -27.84402 -2.01754 TD [(resen)30(t)-302(more)-301(credit)-301(risk,)-302(but)-301(they)-291(ma)30(y)-301(also)-291(allo)30(w)-301(for)-281(economies)-310(of)-281(scale)-301(in)-301(pro)-31(cessing)-301(and)]TJ T* [(monitoring.)-412(Similarly)80(,)-281(loans)-261(with)-261(longer)-251(maturities)-272(ma)30(y)-261(face)-260(greater)-251(credit)-261(risk,)-282(but)-261(they)]TJ T* [(are)-361(more)-372(lik)31(ely)-381(to)-362(b)-30(e)-361(gran)30(ted)-371(to)-362(\frms)-372(that)-362(are)-362(though)30(t)-372(to)-351(b)-30(e)-371(credit)30(w)30(orth)30(y)80(.)-572(Therefore,)]TJ T* [(the)-442(e\013ects)-451(of)-432(these)-452(v)51(ariables)-442(on)-442(the)-441(spread)-442(are)-442(am)30(biguous.)-773(This)-452(set)-442(of)-441(con)30(trols)-442(also)]TJ T* [(includes)-351(dumm)30(y)-341(v)50(ariables)-341(equal)-341(to)-322(one)-340(if)-322(the)-341(loan)-321(has)-341(restrictions)-343(on)-332(pa)31(ying)-341(dividends,)]TJ /F14 1 Tf T* 0.03 Tc [(DI)-50(V)-181(I)-50(DE)-30(N)-70(D)-261(R)20(E)-30(S)-31(T)]TJ /F4 1 Tf 9.17427 0 Td 0 Tc [(;)-381(is)-392(senior,)]TJ /F14 1 Tf 4.87822 0 Td 0.06 Tc [(SEN)-41(I)-20(O)30(R)]TJ /F4 1 Tf 4.37635 0 Td 0 Tc [(;)-381(or)-382(is)-392(secured,)]TJ /F14 1 Tf 6.78535 0 Td 0.06 Tc [(SEC)-10(U)-41(R)50(ED)30(:)]TJ /F4 1 Tf 6.0225 0 Td 0 Tc [(All)-381(else)-401(equal,)]TJ -31.2367 -2.01754 TD [(an)30(y)-361(of)-351(these)-372(features)-372(should)-361(mak)30(e)-371(the)-361(loan)-351(safer)-362(but)-362(lenders)-372(are)-361(more)-361(lik)30(ely)-371(to)-361(require)]TJ T* [(these)-351(features)-342(if)-332(they)-341(think)-341(the)-342(b)-30(orro)30(w)30(er)-341(is)-342(riskier)-342($see)-351(Berger)-331(and)-341(Udell)-341(1990$,)-331(so)-331(they)]TJ T* [(ma)30(y)-431(b)-30(e)-422(asso)-30(ciated)-421(with)-432(higher)-422(spreads.)-733(Since)-431(the)-422(purp)-30(ose)-432(of)-411(the)-422(loan)-421(ma)30(y)-421(a\013ect)-422(its)]TJ T* [(spread,)-382(w)31(e)-371(include)-381(dumm)30(y)-371(v)50(ariables)-372(to)-361(distinguish)-383(among)-351(loans)-371(that)-362(are)-362(for)-351(corp)-30(orate)]TJ T* [(purp)-31(oses,)]TJ /F14 1 Tf 4.39642 0 Td 0.01 Tc [(C)-60(O)-20(RP)-131(O)-19(RA)10(T)-131(E)-280(P)-131(U)-91(RP)]TJ /F4 1 Tf 10.13787 0 Td 0 Tc [(;)-371(loans)-372(to)-372(repa)31(y)-382(existing)-391(debt,)]TJ /F14 1 Tf 13.37999 0 Td 0.06 Tc [(D)30(EB)10(T)-332(R)51(EP)-81(A)60(Y)]TJ /F4 1 Tf 7.20693 0 Td 0 Tc [(;)-371(and)]TJ -35.12121 -2.01754 TD [(w)30(orking)-391(capital)-381(loans,)]TJ /F14 1 Tf 9.86686 0 Td 0.03 Tc [(W)-111(OR)20(K)-40(I)-50(N)-70(G)-221(C)-40(A)30(P:)]TJ /F4 1 Tf 8.74266 0 Td 0 Tc [(In)-382(addition,)-401(w)30(e)-391(accoun)31(t)-392(for)-382(the)-381(t)30(yp)-30(e)-392(of)-381(the)]TJ -18.60952 -2.01754 TD [(loan)-291(con)31(tract)-302(and)-301(distinguish)-312(b)-31(et)30(w)31(een)-320(lines)-302(of)-291(credit,)]TJ /F14 1 Tf 22.75501 0 Td 0.06 Tc [(C)-10(R)50(ED)30(I)-20(T)-241(L)60(I)-20(N)-41(E;)]TJ /F4 1 Tf 7.9497 0 Td 0 Tc [(and)-301(term)-302(loans,)]TJ /F14 1 Tf -30.70471 -2.01754 TD [(T)-141(E)-60(R)-9(M)-331(LO)-31(AN)-49(:)]TJ /F4 1 Tf 3.01125 -2.01754 TD [(As)-402(loan)-401(con)31(trols)-403(can)-401(b)-30(e)-401(determined)-421(join)30(tly)-402(with)-402(loan)-401(spreads,)-432(w)30(e)-401(estimate)-412(our)]TJ -3.01125 -2.01754 TD [(mo)-30(dels)-271(b)-30(oth)-261(with)-272(and)-270(without)-262(the)-271(set)-271(of)-261(loan)-261(con)31(trols.)-423(In)-271(addition,)-282(b)-30(ecause)-270(loan)-271(spreads)]TJ 0 -2.02757 TD [(can)-270(v)50(ary)-281(across)-282(\frms)-282(and)-271(across)-282(banks)-281(for)-271(reasons)-282(that)-272(are)-270(not)-272(captured)-281(b)30(y)-281(our)-271(con)31(trols,)]TJ 0 -2.0175 TD [(w)30(e)-300(estimate)-302(our)-291(mo)-30(dels)-291(with)-302(\frm-bank)-291(\fxed)-301(e\013ects.)-441(This)-302(also)-291(alleviates)-301(concerns)-300(ab)-30(out)]TJ 18.17791 -3.0514 TD (11)Tj ET endstream endobj 14 0 obj << /Length 4375 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(sample)-411(selection,)-422(suc)30(h)-411(as)-402(p)-30(oten)30(tial)-402(unobserv)30(ed)-411(di\013erences)-421(b)-30(et)30(w)30(een)-420(\frms)-403(that)-392(did)-402(and)]TJ 0 -2.01753 TD [(\frms)-342(that)-332(did)-331(not)-332(tak)30(e)-341(out)-331(bank)-331(loans)-342(during)-331(the)-332(subprime)-352(crisis.)-462(With)-342(this)-332(approac)31(h,)]TJ 0 -2.01754 TD [(the)-261(e\013ect)-270(of)-251(bank)-261(losses)-272(on)-261(loan)-250(spreads)-272(during)-261(the)-262(crisis)-271(is)-262(iden)31(ti\fed)-282(only)-260(b)30(y)-271(the)-261(c)30(hanges)]TJ T* [(in)-381(loan)-372(spreads)-392(within)-391(\frms)-383(that)-382(to)-30(ok)-371(out)-372(loans)-382(from)-381(the)]TJ /F12 1 Tf 25.41495 0 Td (same)Tj /F4 1 Tf 2.52945 0 Td [(bank)-381(b)-30(oth)-372(b)-30(efore)-381(and)]TJ -27.9444 -2.01754 TD [(during)-412(the)-401(crisis.)-684(That)-411(loan-spread)-402(e\013ect)-411(is)-412(not)-402(lik)30(ely)-421(to)-402(b)-30(e)-401(a\013ected)-411(b)30(y)-421(a)-401(time)-402(trend)]TJ T* [(that)-272(ma)31(y)-281(exist)-282(in)-271(loan)-271(spreads.)-432(Ho)30(w)31(ev)31(er,)-312(to)-271(further)-272(reduce)-290(concerns)-281(o)30(v)30(er)-281(this)-282(p)-30(ossibilit)29(y)81(,)]TJ T* [(w)30(e)-371(con)31(trol)-372(for)-352(the)-371(time)-362(trend)-371(in)-362(loan)-361(spreads.)-553(Lastly)80(,)-382(w)31(e)-371(estimate)-372(all)-361(our)-362(mo)-30(dels)-371(with)]TJ T* [(robust)-272(standard)-272(errors,)-282(and)-261(w)30(e)-280(follo)30(w)-261(P)30(etersen)-291((2009))-251(and)-261(cluster)-282(the)-271(error)-262(term)-271(b)30(y)-271(b)-30(oth)]TJ T* [(\frm)-332(and)-331(bank.)]TJ /F3 1 Tf 0 -3.41275 TD [(1.1.2)-1125(Did)-382(bank)-392(losses)-381(driv)30(e)-382(loan)-382(spreads)-391(during)-382(the)-371(crisis?)]TJ /F4 1 Tf 0 -2.66997 TD [(In)-311(the)-302(second)-320(part)-302(of)-291(our)-312(metho)-30(dology)81(,)-311(w)30(e)-310(undertak)29(e)-320(t)29(w)31(o)-311(tests)-313(to)-301(ascertain)-311(whether)-321(the)]TJ 0 -2.01754 TD [(e\013ect)-351(of)-331(bank)-341(losses)-362(on)-331(loan)-341(spreads)-352(w)30(e)-351(iden)31(tify)-352(in)-341(the)-342(\frst)-352(part)-332(is)-342(bank)-351(driv)30(en.)-482(In)-351(the)]TJ T* [(\frst)-393(test,)-422(w)30(e)-401(use)-391(a)-392(t)30(w)30(o-stage)-391(approac)30(h)-401(to)-382(in)30(v)30(estigate)-411(the)-402(e\013ect)-391(of)-391(bank)-391(losses.)-644(In)-401(the)]TJ T* [(second)-351(test,)-352(w)30(e)-350(in)30(v)30(estigate)-352(whether)-361(those)-341(banks)-352(that)-332(had)-341(larger)-341(losses)-353(during)-341(the)-352(crisis)]TJ T* [(increased)-341(spreads)-342(on)-331(their)-332(loans)-331(to)-322(b)-30(oth)-321(their)-332(dep)-30(enden)31(t)-352(and)-321(nondep)-29(enden)30(t)-351(b)-30(orro)29(w)31(ers.)]TJ /F3 1 Tf 0 -3.41275 TD [(An)-372(instrumen)30(tal)-392(v)60(ariable)-381(approac)29(h)]TJ /F4 1 Tf 0 -2.66997 TD [(In)-482(the)-482(\frst)-483(stage)-482(of)-472(this)-482(approac)30(h,)-522(w)31(e)-482(attempt)-482(to)-472(explain)-492(banks')]TJ /F14 1 Tf 29.66081 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf -29.66081 -2.01754 TD [(using)-342(our)-331(sets)-342(of)-321(\frm-,)-342(bank-,)-332(and)-331(loan-sp)-30(eci\fc)-341(v)51(ariables,)-342(and)-331(an)-331(instrumen)29(t)-352(for)-331(banks')]TJ T* [(losses.)-452(Because)-320(the)-322(crisis)-322(started)-322(with)-321(the)-312(meltdo)31(wn)-331(of)-311(the)-312(mark)30(et)-321(for)-312(mortgage-bac)31(k)30(ed)]TJ T* [(securities,)-372(w)31(e)-361(use)-352(banks')-351(exp)-30(osure)-362(to)-341(this)-352(mark)29(et)-351(as)-351(an)-342(instrumen)29(t)-361(for)-342(their)-352(losses.)-512(W)80(e)]TJ T* [(measure)-412(this)-412(exp)-30(osure)-422(through)-402(the)-411(sum)-412(of)-392(the)-411(mortgage-bac)30(k)30(ed)-411(securities)-432(that)-402(are)-401(in)]TJ T* [(the)-331(trading)-322(accoun)31(t)-332(and)-321(those)-331(that)-322(are)-331(\\a)30(v)50(ailable)-320(for)-322(sale",)-331(scaled)-330(b)30(y)-331(the)-332(bank's)-331(assets,)]TJ /F14 1 Tf T* 0.1 Tc [(MB)50(S)100(:)]TJ /F4 1 Tf 2.9711 0 Td 0 Tc [(As)-251(with)-261(all)-241(of)-241(the)-251(other)-251(bank)-261(v)50(ariables,)-271(w)31(e)-251(compute)-260(this)-252(instrumen)29(t)-272(at)-241(the)-251(quarter)]TJ -2.9711 -2.0175 TD [(b)-30(efore)-331(eac)31(h)-331(loan.)]TJ 18.17791 -3.00121 TD (12)Tj ET endstream endobj 15 0 obj << /Length 8958 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 126 700.8 Tm 0 g [(This)-361(instrumen)29(t)-362(serv)30(es)-362(our)-351(purp)-31(oses)-352(b)-30(ecause)-360(it)-342(is)-352(strongly)-352(correlated)-351(with)-351(bank)]TJ -3.01125 -2.01753 TD [(losses)-402(during)-392(the)-392(crisis,)-412(and)-381(it)-392(is)-392(unlik)30(ely)-401(to)-392(ha)30(v)31(e)-391(a)-382(direct)-401(e\013ect)-391(on)-381(the)-392(spreads)-402(banks)]TJ 0 -2.01754 TD [(c)31(harge)-382(on)-371(their)-372(corp)-30(orate)-371(loans)-372($corp)-30(orations)-373(that)-372(are)-371(in)-381(the)-372(real)-371(estate)-382(business)-402(w)30(ere)]TJ T* [(remo)30(v)30(ed)-371(from)-341(our)-342(sample$.)-512(This)-362(instrumen)29(t,)-371(ho)30(w)30(ev)31(er,)-382(p)-30(oses)-351(a)-341(c)30(hallenge.)-511(As)-361(there)-352(w)31(as)]TJ T* [(a)-311(b)-30(o)-30(om)-311(in)-321(the)-312(real)-321(estate)-321(mark)30(et)-322(in)-321(the)-321(y)30(ears)-321(leading)-321(up)-321(to)-312(the)-321(crisis,)-332(our)-311(instrumen)29(t)-332(is)]TJ T* [(not)-352(lik)31(ely)-371(to)-352(b)-30(e)-351(a)-351(go)-30(o)-30(d)-341(predictor)-362(of)-351(bank)-361(losses)-372(in)-352(the)-361(pre-crisis)-363(y)30(ears.)-532(In)-352(other)-361(w)30(ords,)]TJ T* [(our)-402(instrumen)29(t)-412(is)-412(p)-30(o)31(w)30(erful)-412(during)-402(the)-401(crisis)-413(p)-30(erio)-30(d)-401(but)-402(w)30(eak)-411(in)-401(the)-412(pre-crisis)-413(y)31(ears.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 527.28 560.4 Tm (12)Tj /F4 1 Tf 11.95517 0 0 11.95517 90 531.96 Tm [(T)81(o)-331(a)30(v)30(oid)-351(the)-341(biases)-342(that)-342(ma)30(y)-341(arise)-342(from)-331(this)-342(com)30(bination,)-351(giv)30(en)-351(that)-332(our)-331(instrumen)29(t)-352(is)]TJ 0 -2.01754 TD [(go)-30(o)-30(d)-361(at)-362(explaining)-380(the)-382(cross)-382(v)50(ariation)-362(in)-371(the)-371(c)30(hange)-381(of)]TJ /F14 1 Tf 24.11007 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.05008 0 Td [(b)-30(et)30(w)30(een)-390(the)]TJ -32.16015 -2.01754 TD [(crisis)-352(and)-331(pre-crisis)-353(p)-30(erio)-30(d)-331(for)-332(eac)31(h)-341(bank,)-341(w)30(e)-341(use)-351(di\013erences)-351(in)-331(our)-342(t)30(w)31(o-stage)-332(approac)31(h.)]TJ T* [(In)-332(the)-331(\frst)-332(stage,)-332(w)31(e)-341(estimate)-332(the)-331(follo)30(wing)-331(mo)-30(del:)]TJ 3.56331 -2.83057 TD <01>Tj /F14 1 Tf 0.81304 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 233.64 423.96 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 248.28 425.76 Tm (=)Tj /F14 1 Tf 1.03386 0 Td (c)Tj /F4 1 Tf 0.65244 0 Td (+)Tj /F14 1 Tf 0.98367 0 Td 0.281 Tc [<0B4D>181(B)231(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 320.16 423.96 Tm 0 Tc (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 247.56 393 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 265.8 407.88 Tm (I)Tj /F18 1 Tf 11.95517 0 0 11.95517 259.32 404.4 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 261.12 379.2 Tm (i)Tj /F11 1 Tf 0.36135 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 278.64 393 Tm ( )Tj /F15 1 Tf 7.97011 0 0 7.97011 286.2 391.2 Tm (i)Tj /F4 1 Tf 11.95517 0 0 11.95517 289.56 393 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (B)Tj /F15 1 Tf 7.97011 0 0 7.97011 308.16 391.2 Tm (i;b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 327.6 393 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 345.24 407.88 Tm (J)Tj /F18 1 Tf 11.95517 0 0 11.95517 339.36 404.4 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 340.56 379.2 Tm (j)Tj /F11 1 Tf 0.49686 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 358.56 393 Tm <10>Tj /F15 1 Tf 7.97011 0 0 7.97011 363.72 391.2 Tm (j)Tj /F4 1 Tf 11.95517 0 0 11.95517 368.04 393 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (F)Tj /F15 1 Tf 7.97011 0 0 7.97011 385.32 391.2 Tm (j;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 399.24 393 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 415.8 407.88 Tm (K)Tj /F18 1 Tf 11.95517 0 0 11.95517 411 404.4 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 411.96 378.84 Tm (k)Tj /F11 1 Tf 0.58719 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 430.32 393 Tm <17>Tj /F15 1 Tf 7.97011 0 0 7.97011 436.08 391.2 Tm (k)Tj /F4 1 Tf 11.95517 0 0 11.95517 441.24 393 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (L)Tj /F15 1 Tf 7.97011 0 0 7.97011 458.88 391.2 Tm 0.03 Tc [(k;)30(f)]TJ /F4 1 Tf 11.95517 0 0 11.95517 474 393 Tm 0 Tc (+)Tj /F14 1 Tf 0.98367 0 Td <0F3B>Tj /F4 1 Tf 2.98114 0 Td ((2))Tj -35.77365 -2.9711 TD [(where)-320<01>]TJ /F14 1 Tf 3.62354 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 228.36 355.68 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 243.24 357.48 Tm [(is)-312(the)-321(c)31(hange)-311(in)-311(the)-311(bank's)-322(c)31(harge-o\013s,)-322(and)-311<01>]TJ /F14 1 Tf 19.5129 0 Td 0.05 Tc (B;)Tj /F4 1 Tf 1.37514 0 Td 0 Tc <01>Tj /F14 1 Tf 0.81304 0 Td 0.03 Tc (F;)Tj /F4 1 Tf 1.24465 0 Td 0 Tc (and)Tj -35.76361 -2.01753 TD <01>Tj /F14 1 Tf 0.81304 0 Td (L)Tj /F4 1 Tf 0.99371 0 Td [(are)-331(the)-331(c)30(hanges)-351(in)-331(our)-322(sets)-342(of)-331(bank-,)-331(\frm-,)-322(and)-331(loan-sp)-31(eci\fc)-340(v)50(ariables,)-341(resp)-31(ectiv)31(ely)80(,)]TJ -1.80675 -2.01754 TD [(with)-281(all)-271(of)-271(the)-281(c)30(hanges)-290(computed)-291(as)-271(the)-282(di\013erence)-290(b)-30(et)30(w)31(een)-301(the)-281(crisis)-282(and)-281(pre-crisis)-292(lev)31(els)]TJ T* [(of)-321(the)-331(v)50(ariables.)]TJ /F14 1 Tf 7.23704 0 Td 0.1 Tc [(MB)50(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 205.68 283.32 Tm 0 Tc (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 221.16 285.12 Tm [(is)-332(the)-331(pre-crisis)-342(lev)30(el)-341(of)-321(our)-331(instrumen)29(t.)]TJ -7.95974 -2.02757 TD [(In)-332(the)-331(second)-341(stage,)-331(w)30(e)-330(use)-342(the)-331(follo)30(wing)-331(mo)-30(del:)]TJ 0.47176 -2.82054 TD <01>Tj /F14 1 Tf 0.81304 0 Td [(LO)-30(AN)-321(S)-61(P)-141(R)-9(E)-60(AD)]TJ /F15 1 Tf 7.97011 0 0 7.97011 234.6 225.36 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 249.36 227.16 Tm (=)Tj /F14 1 Tf 1.03386 0 Td (c)Tj /F4 1 Tf 0.6424 0 Td (+)Tj /F14 1 Tf 0.98368 0 Td <1E>Tj /F19 1 Tf 3.5332 0.22082 TD (\\)Tj /F14 1 Tf -2.66997 -0.22082 TD [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 383.28 225.36 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 248.64 194.28 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 266.88 209.28 Tm (I)Tj /F18 1 Tf 11.95517 0 0 11.95517 260.4 205.68 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 262.2 180.48 Tm (i)Tj /F11 1 Tf 0.36135 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 279.72 194.28 Tm ( )Tj /F15 1 Tf 7.97011 0 0 7.97011 287.28 192.48 Tm (i)Tj /F4 1 Tf 11.95517 0 0 11.95517 290.64 194.28 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (B)Tj /F15 1 Tf 7.97011 0 0 7.97011 309.24 192.48 Tm (i;b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 328.68 194.28 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 346.32 209.28 Tm (J)Tj /F18 1 Tf 11.95517 0 0 11.95517 340.44 205.68 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 341.64 180.48 Tm (j)Tj /F11 1 Tf 0.49686 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 359.64 194.28 Tm <10>Tj /F15 1 Tf 7.97011 0 0 7.97011 364.8 192.48 Tm (j)Tj /F4 1 Tf 11.95517 0 0 11.95517 369.12 194.28 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (F)Tj /F15 1 Tf 7.97011 0 0 7.97011 386.4 192.48 Tm (j;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 400.32 194.28 Tm (+)Tj /F15 1 Tf 7.97011 0 0 7.97011 416.88 209.28 Tm (K)Tj /F18 1 Tf 11.95517 0 0 11.95517 412.08 205.68 Tm (X)Tj /F15 1 Tf 7.97011 0 0 7.97011 413.04 180.24 Tm (k)Tj /F11 1 Tf 0.58719 0 Td (=1)Tj /F14 1 Tf 11.95517 0 0 11.95517 431.4 194.28 Tm <17>Tj /F15 1 Tf 7.97011 0 0 7.97011 437.16 192.48 Tm (k)Tj /F4 1 Tf 11.95517 0 0 11.95517 442.32 194.28 Tm <01>Tj /F14 1 Tf 0.81304 0 Td (L)Tj /F15 1 Tf 7.97011 0 0 7.97011 459.96 192.48 Tm 0.03 Tc [(k;)30(f)]TJ /F4 1 Tf 11.95517 0 0 11.95517 475.08 194.28 Tm 0 Tc (+)Tj /F14 1 Tf 0.98367 0 Td <0F3B>Tj /F4 1 Tf 2.8908 0 Td ((3))Tj -35.64316 -2.9711 TD [(where)-451<01>]TJ /F14 1 Tf 3.75402 0 Td [(LO)-30(AN)-412(S)-60(P)-141(R)-10(E)-60(AD)]TJ /F15 1 Tf 7.97011 0 0 7.97011 234.48 156.96 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 251.16 158.76 Tm [(is)-442(the)-452(di\013erence)-461(in)-441(the)-442(spreads)-463(on)-441(the)-442(loans)-452(the)-441(bank)]TJ -13.48036 -2.01754 TD [(extended)-310(during)-292(the)-291(crisis)-302(and)-291(those)-301(it)-282(extended)-310(b)-31(efore)-290(the)-291(crisis)-302(to)-292(the)-291(same)-301(b)-30(orro)30(w)30(ers;)]TJ /F19 1 Tf 2.66997 -1.79671 TD (\\)Tj /F14 1 Tf -2.67 -0.2208 TD [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F15 1 Tf 7.97011 0 0 7.97011 181.8 108.72 Tm (b;f)Tj /F4 1 Tf 11.95517 0 0 11.95517 197.52 110.52 Tm [(is)-372(the)-371(predicted)-381(c)30(hange)-371(in)-361(the)-372(bank's)-371(c)30(harge-o\013s)-371(computed)-371(in)-372(the)]TJ -8.9936 -2.0175 TD [(\frst)-463(stage;)-532(and)-462<01>]TJ /F14 1 Tf 7.9798 0 Td 0.05 Tc (B;)Tj /F4 1 Tf 1.5257 0 Td 0 Tc <01>Tj /F14 1 Tf 0.03 Tc (F;)Tj /F4 1 Tf 2.2082 0 Td 0 Tc [(and)-462<01>]TJ /F14 1 Tf 2.8506 0 Td (L;)Tj /F4 1 Tf 1.3952 0 Td [(are)-462(the)-461(c)30(hanges)-481(in)-462(our)-452(sets)-473(of)-451(bank-,)-502(\frm-,)-493(and)]TJ 2.21829 -2.10787 TD (13)Tj ET endstream endobj 16 0 obj << /Length 4856 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(loan-sp)-31(eci\fc)-340(v)51(ariables.)]TJ 3.01125 -2.01753 TD [(T)81(o)-301(ensure)-312(that)-301(the)-302(di\013erence)-310(in)-301(loan)-301(spread)-311(is)-302(computed)-311(on)-301(similar)-302(loans,)-311(w)31(e)-311(use)]TJ -3.01125 -2.01754 TD [(the)-321(follo)30(wing)-321(pro)-30(cedure.)-441(F)80(or)-312(eac)31(h)-331(loan)-311(that)-322(\frms)-322(tak)30(e)-331(out)-311(during)-322(the)-321(crisis,)-342(w)30(e)-330(iden)30(tify)]TJ T* [(the)-392(last)-402(loan)-381(the)-401(\frm)-392(b)-31(orro)30(w)31(ed)-402(prior)-392(to)-381(the)-402(onset)-392(of)-391(the)-392(crisis.)-643(If)-392(the)-402(t)30(w)31(o)-392(loans)-401(w)30(ere)]TJ T* [(extended)-401(b)30(y)-391(the)-382(same)-391(lead)-381(arranger)]TJ /F12 1 Tf 15.96966 0 Td (and)Tj /F4 1 Tf 1.9272 0 Td [(if)-382(they)-381(are)-381(of)-382(the)-381(same)-392(credit)-391(t)30(yp)-30(e)-381($b)-31(oth)-382(are)]TJ -17.89686 -2.01754 TD [(term)-322(loans)-311(or)-311(b)-31(oth)-311(are)-311(credit)-321(lines$,)-322(then)-321(w)30(e)-321(k)30(eep)-330(the)-321(pair)-312(of)-301(loans.)-442(Otherwise,)-331(w)31(e)-321(drop)]TJ T* [(them)-341(from)-322(our)-332(sample.)-461(Finally)80(,)-331(if)-332(the)-341(loans)-331(in)-332(these)-341(pairs)-342(ha)30(v)30(e)-341(m)31(ultiple)-342(lead)-341(arrangers,)]TJ T* [(w)30(e)-260(drop)-241(the)-251(pairs)-252(of)-241(loans)-251(that)-242(ha)31(v)30(e)-261(more)-251(than)-241(one)-250(common)-250(lead)-251(arranger.)-402(These)-270(criteria)]TJ T* [(ensure)-291(that)-262(the)-281(di\013erence)-290(in)-271(the)-281(loan)-261(spread)-281(that)-272(w)30(e)-280(use)-281(in)-282(the)-271(second)-290(stage)-271(is)-282(computed)]TJ T* [<6F0B>-321(similar)-332(loans)-322(that)-321(w)30(ere)-341(extended)-340(b)30(y)-331(the)-332(same)-331(lender)-331(to)-321(the)-332(same)-331(b)-30(orro)30(w)30(er,)-331(with)-331(the)]TJ T* [(di\013erence)-340(that)-332(one)-321(w)31(as)-342(made)-331(b)-30(efore)-331(the)-331(crisis)-342(and)-321(the)-332(other)-331(during)-332(the)-331(crisis.)]TJ /F3 1 Tf 0 -3.41275 TD [(W)90(ere)-341(bank-dep)-32(enden)30(t)-382(and)-362(nondep)-31(enden)29(t)-361(b)-30(orro)30(w)30(ers)-350(exp)-31(osed)-361(to)-341(bank)-362(losses?)]TJ /F4 1 Tf 0 -2.66997 TD [(In)-432(the)-442(second)-441(test,)-473(w)31(e)-441(in)30(v)30(estigate)-452(whether)-441(those)-442(banks)-442(that)-432(had)-432(larger)-432(losses)-452(during)]TJ 0 -2.01753 TD [(the)-392(crisis)-412(increased)-411(spreads)-402(on)-392(their)-392(loans)-401(to)-382(b)-30(oth)-392(their)-402(dep)-30(enden)31(t)-412(and)-391(nondep)-30(enden)31(t)]TJ T* [(b)-30(orro)29(w)31(ers.)-543(If)-351(banks')-372(losses)-382(dro)30(v)30(e)-371(them)-362(to)-351(c)30(harge)-371(their)-362(b)-30(orro)30(w)30(ers)-361(higher)-372(rates,)-372(then)-361(w)30(e)]TJ T* [(should)-312(see)-310(banks)-312(with)-311(larger)-301(losses)-312(applying)-311(higher)-311(in)30(terest)-312(rate)-302(increases)-321(on)-301(their)-311(loans)]TJ T* [(to)-281(bank-dep)-30(enden)31(t)-312(b)-30(orro)30(w)30(ers.)-432(F)80(ollo)30(wing)-290(Ra)-50(jan)-281((1992),)-281(if)-292(these)-291(b)-30(orro)30(w)30(ers)-301(seek)-301(to)-281(switc)30(h)]TJ T* [(to)-452(a)-441(new)-461(funding)-452(source,)-492(they)-462(will)-461(b)-30(e)-452(p)-30(egged)-450(as)-452(lemons)-462(regardless)-472(of)-442(their)-452(\fnancial)]TJ T* [(condition.)-522(This)-371(p)-30(erception)-361(giv)30(es)-371(the)-362(incum)31(b)-31(en)31(t)-372(bank)-361(an)-351(opp)-30(ortunit)29(y)-362(to)-351(imp)-30(ose)-362(higher)]TJ T* [(in)30(terest)-382(rates.)-543(T)81(o)-362(in)31(v)30(estigate)-382(this)-362(h)30(yp)-30(othesis,)-402(w)30(e)-371(reestimate)-372(our)-361(mo)-30(del)-361(of)-362(loan)-361(spreads)]TJ T* [(separately)-311(on)-301(the)-301(loans)-302(to)-291(bank-dep)-30(enden)31(t)-322(b)-30(orro)30(w)30(ers)-301(and)-301(on)-301(the)-302(loans)-301(to)-291(nondep)-30(enden)31(t)]TJ T* [(b)-30(orro)29(w)31(ers.)-553(If)-361(banks')-372(losses)-382(pla)30(y)30(ed)-381(an)-361(imp)-30(ortan)29(t)-361(role)-362(in)-361(the)-371(in)30(terest)-383(rates)-362(they)-371(c)30(harged)]TJ T* [(during)-372(the)-381(crisis,)-393(then)]TJ /F14 1 Tf 9.93712 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.23582 0 Td 0 Tc (x)Tj /F14 1 Tf 0.8833 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.05007 0 Td [(should)-382(b)-30(e)-371(more)-371(imp)-30(ortan)29(t)-372(in)-381(the)]TJ -23.10632 -2.01754 TD [(mo)-30(del)-331(estimated)-342(on)-321(the)-331(sample)-341(of)-321(loans)-332(of)-321(bank-dep)-30(enden)31(t)-352(b)-30(orro)30(w)30(ers.)]TJ 3.01125 -2.01754 TD [(A)-321(critical)-321(part)-312(of)-311(this)-322(test)-322(is)-322(the)-321(iden)30(ti\fcation)-331(of)-311(bank-dep)-30(enden)31(t)-332(b)-30(orro)29(w)31(ers.)-452(W)80(e)]TJ 15.16666 -3.03132 TD (14)Tj ET endstream endobj 17 0 obj << /Length 4596 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(use)-432(t)30(w)31(o)-442(alternativ)30(e)-432(criteria)-432(to)-421(iden)30(tify)-442(these)-442(b)-30(orro)30(w)30(ers.)-743(Under)-432(the)-431(\frst)-433(criterion,)-462(w)30(e)]TJ 0 -2.01753 TD [(assume)-472(that)-453(\frms)-472(that)-453(b)-30(orro)30(w)-451(rep)-31(eatedly)-471(from)-452(the)-462(same)-461(bank)-462(are)-462(bank)-461(dep)-30(enden)31(t.)]TJ 0 -2.01754 TD [(Compared)-280(to)-272(b)-30(orro)30(w)30(ers)-281(that)-282(switc)30(h)-291(banks,)-292(the)-281(incum)31(b)-30(en)30(t)-291(bank)-281(is)-282(more)-271(lik)31(ely)-291(to)-271(ha)30(v)30(e)-291(an)]TJ T* [(informational)-322(adv)51(an)30(tage)-331(o)30(v)31(er)-342(b)-30(orro)30(w)30(ers)-332(that)-331(ha)30(v)30(e)-331(an)-331(exclusiv)31(e)-361(relationship)-332(with)-342(them.)]TJ 3.01125 -2.01754 TD [(Under)-331(the)-331(second)-341(criterion,)-332(w)31(e)-341(assume)-342(that)-322(\frms)-342(that)-322(do)-331(not)-321(ha)30(v)30(e)-341(access)-341(to)-331(the)]TJ -3.01125 -2.01754 TD [(public)-301(b)-30(ond)-301(mark)30(et)-301(are)-291(bank)-301(dep)-30(enden)31(t.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 296.52 584.52 Tm (13)Tj /F4 1 Tf 11.95517 0 0 11.95517 309.24 580.2 Tm [(Firms)-302(with)-302(access)-310(to)-292(the)-291(public)-311(b)-30(ond)-291(mark)30(et)]TJ -18.33851 -2.01754 TD [(are)-271(less)-281(lik)30(ely)-291(to)-271(b)-30(e)-271(bank)-271(dep)-29(enden)30(t)-291(b)-30(ecause)-291(there)-271(is)-281(more)-271(information)-272(a)31(v)50(ailable)-270(on)-271(them)]TJ T* [(and)-321(b)-30(ecause)-341(they)-331(can)-331(tap)-321(a)-321(large)-321(n)30(um)30(b)-30(er)-341(of)-321(w)30(ell-informed)-341(in)30(v)30(estors.)-463(W)81(e)-321(assume)-342(that)-322(a)]TJ T* [(b)-30(orro)29(w)31(er)-351(has)-342(access)-361(to)-341(the)-342(public)-351(b)-30(ond)-341(mark)30(et)-352(if)-341(it)-342(issued)-362(at)-341(least)-342(once)-350(in)-341(that)-342(mark)30(et)]TJ T* [(in)-331(the)-332(three)-331(y)30(ears)-341(prior)-322(to)-332(the)-331(loan.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 271.56 488.04 Tm (14)Tj /F13 1 Tf 14.34624 0 0 14.34624 90 437.04 Tm [(1.2)-1131(Data)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 405.24 Tm [(The)-250(data)-231(for)-231(this)-252(pro)-51(ject)-240(comes)-251(from)-241(sev)30(eral)-251(sources.)-422(W)81(e)-241(use)-251(LPC's)-252(Dealscan)-240(database)-241(of)]TJ 0 -2.01754 TD [(business)-262(loans)-231(to)-231(iden)30(tify)-241(\frms)-242(that)-231(b)-31(orro)30(w)31(ed)-241(from)-231(banks)-241(and)-231(to)-231(gather)-231(loan)-231(information.)]TJ T* [(W)81(e)-251(rely)-251(on)-251(SDC's)-251(Domestic)-260(New)-250(Bond)-251(Issuances)-271(database)-251(to)-241(iden)30(tify)-261(\frms)-262(in)-241(our)-252(sample)]TJ T* [(that)-322(issued)-352(b)-30(onds)-331(b)-31(efore)-320(b)-31(orro)30(wing)-331(in)-331(the)-331(syndicated)-341(loan)-331(mark)30(et.)]TJ 3.01125 -2.01754 TD [(W)81(e)-331(use)-332(Compustat)-342(to)-321(obtain)-321(information)-332(on)-321(\frms')-332(balance)-341(sheets.)-452(Ev)30(en)-341(though)]TJ -3.01125 -2.02757 TD [(LPC)-362(con)31(tains)-372(loans)-362(from)-351(b)-31(oth)-351(priv)50(ately)-372(listed)-361(\frms)-373(and)-351(publicly)-371(listed)-372(\frms,)-372(as)-362(Com-)]TJ 0 -2.01754 TD [(pustat)-332(is)-342(dominated)-341(b)30(y)-341(the)-332(latter,)-332(w)31(e)-341(ha)30(v)30(e)-350(to)-322(exclude)-350(loans)-341(b)-31(orro)30(w)30(ed)-330(b)30(y)-342(priv)50(ately)-341(held)]TJ T* [(\frms)-372(from)-362(our)-362(sample.)-552(W)81(e)-371(complemen)31(t)-382(this)-362(data)-361(with)-372(information)-362(on)-361(the)-361(\frm's)-373(EDF)]TJ T* [(computed)-341(b)30(y)-331(KMV.)]TJ 3.01125 -2.01754 TD [(W)81(e)-251(rely)-261(on)-251(the)-261(CRSP)-261(database)-251(to)-251(link)-261(companies)-260(and)-251(subsidiaries)-282(that)-252(are)-251(part)-241(of)]TJ -3.01125 -2.01754 TD [(the)-281(same)-291(\frm,)-302(and)-281(to)-281(link)-281(companies)-301(o)31(v)30(er)-291(time)-291(that)-272(w)30(en)31(t)-302(through)-281(mergers,)-302(acquisitions,)]TJ T* [(or)-271(name)-271(c)31(hanges.)-432(W)81(e)-281(use)-281(these)-281(links)-292(to)-261(merge)-280(the)-281(LPC,)-282(SDC,)-270(and)-271(Compustat)-282(databases)]TJ T* [(to)-311(determine)-321(the)-312(\fnancial)-320(condition)-311(of)-311(the)-312(\frm)-311(at)-312(the)-311(time)-321(it)-312(b)-30(orro)30(w)30(ed)-311(from)-311(banks)-322(and)]TJ T* [(whether)-451(the)-432(\frm)-442(had)-432(already)-441(issued)-452(public)-442(b)-30(onds)-432(b)30(y)-451(that)-433(date.)-752(Finally)80(,)-462(w)31(e)-442(use)-451(the)]TJ 18.17791 -2.53949 TD (15)Tj ET endstream endobj 18 0 obj << /Length 4587 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(Rep)-29(orts)-333(of)-321(Condition)-331(and)-331(Income)-331(to)-331(obtain)-322(bank-lev)31(el)-341(data.)]TJ /F13 1 Tf 14.34624 0 0 14.34624 90 654.1201 Tm [(1.3)-1131(Sample)-385(c)33(haracterization)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 622.32 Tm [(Our)-321(sample)-342(co)31(v)30(ers)-342(6,526)-320(loans)-322(that)-321(w)30(ere)-341(tak)30(en)-331(out)-331(b)30(y)-331(1,716)-311(non\fnancial)-340(\frms)-333(b)-30(et)30(w)31(een)]TJ 0 -2.01754 TD [(2002)-371(and)-391(2008.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 168.24 602.52 Tm (15)Tj /F4 1 Tf 11.95517 0 0 11.95517 181.68 598.2 Tm [(Of)-381(these)-402(loans,)-402(5,757)-370(w)30(ere)-401(tak)30(en)-391(out)-392(b)-30(efore)-381(the)-392(crisis)-402($2002)-371(through)]TJ -7.66865 -2.01753 TD [(the)-361(third)-363(quarter)-372(of)-351(2007$,)-361(and)-361(769)-351(w)30(ere)-371(tak)30(en)-371(out)-361(during)-362(the)-362(crisis)-372($fourth)-363(quarter)-362(of)]TJ 0 -2.01754 TD [(2007)-300(through)-312(the)-321(end)-321(of)-301(2008$.)-422(There)-330(are)-311(3,174)-301(\frm-bank)-322(pairs)-311(in)-322(the)-311(sample,)-331(of)-301(whic)31(h)]TJ T* [(1,639)-351(ha)31(v)30(e)-381(at)-362(least)-362(t)30(w)31(o)-372(loans.)-542(These)-380(pairs)-373(include)-380(1,094)-351(\frms)-372(and)-362(51)-361(banks,)-381(and)-361(they)]TJ 0 -2.01753 TD [(accoun)31(t)-331(for)-322(4,991)-321(of)-321(the)-331(6,526)-321(loans)-331(in)-331(our)-322(sample.)]TJ 3.01125 -2.01754 TD [(T)81(able)-381(1)-371(c)30(haracterizes)-401(our)-372(sample.)-602(The)-381(top)-372(panel)-381(compares)-391(the)-381(loans)-382(tak)30(en)-381(out)]TJ -3.01125 -2.01753 TD [(b)-30(efore)-321(the)-331(crisis)-332(with)-332(those)-331(tak)30(en)-331(out)-322(during)-321(the)-332(crisis.)-442(The)-331(middle)-341(panel)-320(compares)-341(the)]TJ T* [(b)-30(orro)29(w)31(ers)-412(of)-391(these)-402(loans,)-422(and)-391(the)-402(b)-30(ottom)-392(panel)-401(compares)-411(the)-402(lenders.)-662(The)-401(top)-392(panel)]TJ T* [(sho)30(ws)-331(that)-312(spreads)-322(o)30(v)30(er)-321(Lib)-31(or)-311(on)-311(the)-321(crisis)-322(loans)-322(are,)-311(on)-311(a)31(v)30(erage,)-331(20)-311(basis)-322(p)-30(oin)30(ts)-312(higher)]TJ T* [(than)-271(the)-281(spreads)-292(on)-271(pre-crisis)-292(loans,)-282(suggesting)-281(that)-282(the)-271(cost)-281(of)-271(bank)-281(lending)-281(rose)-281(during)]TJ T* [(the)-331(crisis.)]TJ 3.01125 -2.01754 TD [(This)-462(increase)-461(in)-452(loan)-441(spreads)-463(do)-30(es)-451(not)-442(app)-30(ear)-452(to)-442(b)-30(e)-451(driv)29(en)-461(b)30(y)-451(an)-452(increase)-461(in)]TJ -3.01125 -2.01754 TD [(b)-30(orro)29(w)31(er)-382(risk.)-613(Crisis)-392(loans)-382(are,)-401(on)-381(a)30(v)30(erage,)-401(larger,)-391(suggesting)-392(that)-382(larger)-372(\frms,)-402(whic)31(h)]TJ 0 -2.02757 TD [(tend)-452(to)-452(b)-30(e)-451(safer,)-482(to)-31(ok)-451(out)-452(the)-452(loans.)-813(They)-461(also)-452(ha)30(v)31(e)-462(shorter)-453(maturit)29(y)81(,)-492(whic)31(h)-472(o\013ers)]TJ 0 -2.01754 TD [(additional)-371(protection)-382(to)-372(lenders.)-592(In)-382(addition,)-382(they)-391(are)-371(less)-382(lik)30(ely)-401(to)-362(b)-30(e)-381(secured)-391(and)-371(to)]TJ T* [(result)-282(in)-271(restrictions)-283(on)-271(dividend)-280(pa)30(ymen)30(ts,)-302(whic)31(h)-291(again)-260(suggests)-282(they)-281(w)30(ere)-281(tak)30(en)-270(out)-272(b)30(y)]TJ T* [(safer)-271(\frms)-282(b)-31(ecause)-280(banks)-281(are)-261(more)-271(lik)30(ely)-290(to)-261(imp)-31(ose)-281(these)-281(co)31(v)30(enan)31(ts)-292(on)-271(riskier)-282(b)-30(orro)30(w)30(ers.)]TJ 3.01125 -2.01754 TD [(The)-361(middle)-361(panel)-361(of)-341(table)-361(1)-341(con\frms)-372(that)-342(the)-361(p)-30(o)-30(ol)-342(of)-351(\frms)-352(that)-352(to)-30(ok)-352(out)-351(loans)]TJ -3.01125 -2.01754 TD [(during)-281(the)-282(crisis)-281(is)-282(safer)-281(than)-282(the)-271(p)-30(o)-30(ol)-271(of)-271(pre-crisis)-292(b)-30(orro)29(w)31(ers.)-432(On)-271(a)30(v)30(erage,)-300(crisis)-282(b)-30(orro)29(w-)]TJ T* [(ers)-382(are)-381(older)-371(and)-382(ha)30(v)31(e)-391(higher)-382(pro\ft)-372(margins)-382(as)-382(w)31(ell)-381(as)-382(higher)-381(in)30(terest)-393(co)31(v)30(erage.)-601(They)]TJ T* [(also)-392(ha)31(v)30(e)-411(more)-392(gro)30(wth)-391(opp)-30(ortunities)-403(and)-391(lo)30(w)30(er)-411(lev)30(erage.)-641(The)-401(only)-401(\frm)-392(c)30(haracteristic)]TJ T* [(that)-322(p)-30(oin)30(ts)-342(in)-321(the)-331(opp)-30(osite)-332(direction)-341(is)-332(sto)-31(c)31(k)-331(mark)29(et)-341(return.)]TJ 18.17791 -2.53949 TD (16)Tj ET endstream endobj 19 0 obj << /Length 4859 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 126 700.8 Tm 0 g [(The)-320(b)-31(ottom)-311(panel)-321(of)-311(table)-321(1)-311(sho)30(ws)-332(that)-312(the)-321(\fnancial)-320(condition)-321(of)-312(banks)-331(deterio-)]TJ -3.01125 -2.01753 TD [(rated)-241(during)-241(the)-241(subprime)-252(crisis.)-422(Their)-251(return)-242(on)-231(assets)-252(decreased,)-280(while)-250(their)-242(c)31(harge-o\013s)]TJ 0 -2.01754 TD [(and)-411(the)-412(v)30(olatilit)30(y)-422(of)-401(their)-412(return)-413(on)-401(assets)-423(increased.)-702(In)-402(addition,)-432(their)-412(liquidit)30(y)-432(and)]TJ T* [(the)-341(lev)30(el)-361(of)-331(dep)-30(osits)-352(declined.)-501(In)30(terestingly)79(,)-361(those)-352(banks)-351(that)-332(len)30(t)-351(during)-342(the)-351(crisis)-353(had)]TJ T* [(higher)-321(capital-to-asset)-313(ratios,)-322(a)-311(result)-322(that)-312(migh)30(t)-321(re\rect)-321(their)-322(programs)-322(to)-311(raise)-322(capital.)]TJ T* [(As)-311(w)30(e)-321(indicated)-320(in)-312(the)-311(metho)-30(dology)-311(section,)-321(our)-301(k)30(ey)-331(measure)-311(of)-311(bank)-311(losses)-322(is)-311(bank)-321(net)]TJ T* [(c)31(harge-o\013s)-342(scaled)-351(b)30(y)-341(assets,)]TJ /F14 1 Tf 12.2056 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S:)]TJ /F4 1 Tf 8.23075 0 Td [(According)-350(to)-332(the)-341(b)-30(ottom)-332(panel)-341(of)-341(table)]TJ -20.43635 -2.01754 TD [(1,)-331(banks')]TJ /F14 1 Tf 4.16556 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.00992 0 Td [(increased)-341(b)30(y)-341(an)-331(a)30(v)30(erage)-330(of)-331(50%)-321(during)-332(the)-331(subprime)-342(crisis.)]TJ -12.17549 -2.01754 TD [(A)-431(comparison)-452(of)]TJ /F14 1 Tf 7.66865 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.12034 0 Td [(b)-30(efore)-431(and)-442(during)-432(the)-442(crisis)-452(for)-432(the)-442(banks)-442(in)-441(the)]TJ -15.78899 -2.01754 TD [(sample)-331(sho)30(ws)-342(that)-322(this)-332(increase)-331(is)-331(widespread)-341(among)-321(banks)-331(that)-322(extended)-341(loans)-331(during)]TJ T* [(the)-331(crisis.)]TJ 3.01125 -2.01754 TD [(T)81(able)-281(2)-271(o\013ers)-271(a)-271(\frst)-282(lo)-30(ok)-271(at)-261(the)-281(question)-292(of)-261(whether)-291(bank)-270(losses)-292(w)30(ere)-290(a)-271(con)30(tribut-)]TJ -3.01125 -2.01754 TD [(ing)-281(factor)-271(to)-271(the)-282(spreads)-281(b)-31(orro)30(w)31(ers)-292(paid)-281(on)-271(their)-281(loans)-282(during)-281(the)-281(crisis.)-433(T)81(o)-271(that)-282(end,)-290(w)30(e)]TJ T* [(compare)-301(the)-291(loan)-290(spreads)-302(of)-291(banks)-302(with)-301(lo)30(w)31(er)-301(losses)-312(to)-292(those)-291(of)-291(banks)-301(with)-302(higher)-291(losses)]TJ T* [($c)30(harge-o\013s)-342(w)31(ere)-351(in)-341(the)-342(lo)31(w)30(er)-351(and)-331(upp)-31(er)-341(terciles)-361(of)]TJ /F14 1 Tf 22.11261 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.00992 0 Td [(during)-342(the)-341(crisis,)]TJ -30.12254 -2.01754 TD [(resp)-31(ectiv)31(ely$.)-452(Banks)-281(that)-281(had)-281(lo)30(w)30(er)-281(c)31(harge-o\013s)-282(during)-281(the)-281(crisis)-292(c)30(harged)-290(their)-282(b)-30(orro)30(w)30(ers)]TJ T* [(only)-321(six)-322(additional)-311(basis)-332(p)-30(oin)30(ts)-322(when)-320(compared)-321(to)-311(the)-321(spreads)-332(on)-311(their)-322(loans)-311(b)-31(efore)-320(the)]TJ T* [(crisis,)-322(a)-301(di\013erence)-320(that)-302(is)-302(not)-301(statistically)-323(signi\fcan)31(t.)-443(In)-301(con)31(trast,)-323(banks)-312(that)-301(had)-301(larger)]TJ T* [(c)31(harge-o\013s)-312(increased)-321(the)-301(spreads)-322(on)-301(their)-312(loans)-311(b)30(y)-311(thirt)29(y-three)-312(basis)-321(p)-31(oin)31(ts,)-312(a)-301(di\013erence)]TJ T* [(that)-342(is)-352(statistically)-352(di\013eren)30(t)-362(from)-342(zero.)-481(This)-361(di\013erence)-351(lends)-361(supp)-31(ort)-342(to)-341(the)-352(h)30(yp)-30(othesis)]TJ T* [(that)-282(those)-291(banks)-291(that)-282(had)-281(larger)-281(losses)-292(during)-292(the)-281(crisis)-302(passed)-291(some)-291(of)-281(those)-282(losses)-301(on)30(to)]TJ T* [(corp)-30(orate)-261(b)-30(orro)29(w)31(ers)-282(b)30(y)-271(c)31(harging)-271(them)-281(higher)-271(spreads)-282(on)-261(their)-271(loans.)-422(In)-271(the)-271(next)-281(section,)]TJ T* [(w)30(e)-371(in)31(v)30(estigate)-382(whether)-371(this)-372(\fnding)-362(con)31(tin)30(ues)-382(to)-361(hold)-362(in)-361(a)-351(m)30(ultiv)50(ariate)-372(analysis)-372(setting)]TJ T* [(when)-401(w)31(e)-401(accoun)31(t)-402(for)-382(di\013erences)-411(in)-392(the)-391(p)-30(o)-30(ol)-381(of)-392(\frms)-392(that)-392(b)-31(orro)30(w)31(ed)-402(b)-30(efore)-391(and)-391(during)]TJ 0 -2.02757 TD [(the)-331(crisis,)-342(and)-332(for)-321(di\013erences)-351(in)-321(the)-332(sets)-342(of)-321(banks)-341(that)-322(extended)-351(these)-341(loans.)]TJ 18.17791 -5.06894 TD (17)Tj ET endstream endobj 20 0 obj << /Length 5047 >> stream /GS4 gs BT /F10 1 Tf 17.21544 0 0 17.21544 90 700.8 Tm 0 g [(2)-1122(Bank)-376(losses)-362(and)-370(bank)-377(lending)-363(during)-362(the)-370(crisis)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 664.92 Tm [(The)-320(results)-323(of)-301(our)-302(in)31(v)30(estigation)-332(in)30(to)-301(the)-322(e\013ect)-310(of)-301(bank)-311(losses)-332(on)-301(loan)-311(spreads)-322(during)-311(the)]TJ 0 -2.01754 TD [(crisis)-282(are)-261(rep)-30(orted)-271(in)-271(table)-271(3.)-412(W)81(e)-271(b)-30(egin)-270(b)30(y)-271(comparing)-271(the)-271(spreads)-282(on)-261(the)-271(loans)-271(that)-262(\frms)]TJ 0 -2.01753 TD [(to)-30(ok)-251(out)-251(during)-252(the)-251(crisis)-272(with)-251(the)-261(spreads)-261(on)-251(the)-261(loans)-251(these)-261(same)-261(\frms)-262(b)-30(orro)29(w)31(ed)-261(b)-30(efore)]TJ 0 -2.01754 TD [(the)-281(crisis)-302(from)-272(the)-281(same)-291(bank,)-301(con)31(trolling)-282(for)-271(our)-281(set)-282(of)-281(b)-30(orro)30(w)30(er-sp)-31(eci\fc)-300(c)31(haracteristics.)]TJ T* [(Mo)-30(del)-422(1)-411(sho)30(ws)-432(that)-412(our)]TJ /F14 1 Tf 10.9208 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.27598 0 Td 0 Tc [(dumm)30(y)-432(v)51(ariable)-422(is)-412(p)-30(ositiv)30(e)-431(and)-412(highly)-421(statistically)]TJ -15.19677 -2.02757 TD [(signi\fcan)30(t,)-351(indicating)-342(that)-332(\frms)-342(paid)-341(higher)-341(spreads)-342(on)-341(the)-342(loans)-331(they)-341(to)-31(ok)-331(out)-341(during)]TJ 0 -2.01754 TD [(the)-281(crisis.)-433(According)-290(to)-271(that)-272(mo)-30(del,)-291(b)-30(orro)30(w)30(ers)-291(that)-272(to)-30(ok)-271(out)-281(loans)-272(during)-281(the)-281(crisis)-292(from)]TJ 0 -2.01753 TD (the)Tj /F12 1 Tf 1.72645 0 Td (same)Tj /F4 1 Tf 2.51941 0 Td [(bank)-371(they)-382(had)-371(b)-30(orro)30(w)30(ed)-371(from)-372(in)-371(the)-372(past)-372(paid)-371(an)-371(additional)-362(39)-371(basis)-372(p)-30(oin)30(ts)]TJ -4.24586 -2.01754 TD [(on)-401(the)-402(spreads)-412(of)-392(their)-402(crisis)-412(loans.)-653(With)-401(regards)-403(to)-391(\frm)-402(con)30(trols,)-432(they)-402(are)-401(generally)]TJ T* [(consisten)30(t)-422(with)-402(our)-392(priors.)-653(Firms)-403(with)-402(rising)-402(sales)-412(or)-391(pro\ft)-403(margins)-402(b)-30(ene\fted)-411(from)-392(a)]TJ T* [(reduction)-361(in)-352(the)-361(in)30(terest)-362(rates)-362(on)-352(their)-351(loans.)-512(In)-362(con)31(trast,)-363(\frms)-363(with)-351(rising)-362(lev)30(erage)-360(or)]TJ T* [(increased)-341(sto)-31(c)31(k)-341(v)30(olatilit)29(y)-341(sa)30(w)-331(the)-331(in)30(terest)-342(rates)-332(on)-331(their)-332(loans)-331(rise.)]TJ 3.01125 -2.01754 TD [(Next,)-532(w)31(e)-502(in)30(v)31(estigate)-502(whether)-502(those)-492(banks)-502(that)-483(exp)-30(erienced)-510(larger)-492(c)30(harge-o\013s)]TJ -3.01125 -2.01754 TD [(during)-301(the)-312(crisis)-312(increased)-321(their)-311(loan)-301(spreads)-312(b)30(y)-311(more)-301(than)-301(the)-312(remaining)-311(banks.)-432(Mo)-30(del)]TJ T* [(2)-351(in)30(v)30(estigates)-392(this)-362(h)30(yp)-30(othesis,)-392(con)30(trolling)-362(for)-351(our)-362(set)-362(of)-351(\frm-sp)-31(eci\fc)-381(con)31(trols)-363(and)-361(\frm-)]TJ T* [(bank)-381(\fxed)-391(e\013ects.)-592(According)-381(to)-372(this)-382(mo)-30(del,)-391(the)-381(co)-30(e\016cien)31(t)-392(on)-381(the)-371(in)30(teraction)-392(v)50(ariable)]TJ /F14 1 Tf T* 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.16556 0 Td 0 Tc (x)Tj /F14 1 Tf 0.82307 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.97981 0 Td [(is)-312(p)-30(ositiv)30(e)-321(and)-301(statistically)-323(di\013eren)31(t)-312(from)-302(zero,)-310(indicating)]TJ -12.96845 -2.01754 TD [(that)-292(banks)-311(with)-291(larger)-302(losses)-312(c)31(harged)-301(higher)-301(spreads)-302(on)-291(their)-301(corp)-30(orate)-292(loans)-301(during)-301(the)]TJ T* [(crisis.)-433(The)-280(dumm)30(y)-291(v)50(ariable,)]TJ /F14 1 Tf 12.15541 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)80(;)]TJ /F4 1 Tf 4.35627 0 Td 0 Tc [(is)-281(not)-272(statistically)-282(signi\fcan)30(t)-281(when)-291(its)-272(in)30(teraction)]TJ -16.51169 -2.01754 TD (with)Tj /F14 1 Tf 2.34877 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.12034 0 Td [(is)-442(added)-451(b)-30(ecause)-451(only)-452(one)-441(loan)-441(in)-442(the)-442(sample)-451(w)30(as)-452(tak)30(en)-451(out)]TJ -10.46911 -2.01754 TD [(during)-332(the)-331(crisis)-342(from)-322(a)-321(bank)-341(with)-331(no)-321(c)30(harge-o\013s.)]TJ 3.01125 -2.01754 TD [(Mo)-30(del)-422(3)-411(sho)30(ws)-442(that)-412(these)-432(results)-433(con)31(tin)30(ue)-432(to)-421(hold)-422(when)-421(w)31(e)-432(expand)-431(the)-421(set)-422(of)]TJ -3.01125 -2.01754 TD [(con)31(trols)-473(to)-462(accoun)31(t)-482(for)-452(our)-472(bank-sp)-31(eci\fc)-481(con)31(trols.)-864(Mo)-31(dels)-472(4)-461(and)-472(5)-461(sho)30(w)-472(that)-472(these)]TJ T* [(\fndings)-392(still)-382(hold)-371(when)-391(w)30(e)-381(further)-382(expand)-391(our)-372(con)31(trols)-383(to)-371(accoun)31(t)-392(for)-372(the)-371(set)-392(of)-372(loan-)]TJ 18.17791 -4.08526 TD (18)Tj ET endstream endobj 21 0 obj << /Length 4674 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(sp)-31(eci\fc)-410(con)31(trols)-403(and)-391(a)-392(p)-30(ossible)-402(time)-401(trend)-402(in)-392(loan)-391(spreads.)-643(As)-402(w)31(e)-401(can)-401(see)-401(from)-392(these)]TJ 0 -2.01753 TD [(mo)-30(dels,)-281(adding)-251(the)-261(new)-260(con)31(trols)-273(has)-251(no)-261(material)-251(e\013ect)-260(on)-261(either)-261(the)-261(size)-261(or)-251(the)-261(statistical)]TJ 0 -2.01754 TD [(signi\fcance)-370(of)-342(the)-351(co)-30(e\016cien)32(t)-362(on)-351(the)-352(in)30(teraction)-361(v)50(ariable)]TJ /F14 1 Tf 24.36101 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.21575 0 Td 0 Tc (x)Tj /F14 1 Tf 0.86322 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S:)]TJ /F4 1 Tf -29.43998 -2.01754 TD [(These)-371(tests,)-382(therefore,)-372(con\frm)-371(our)-352(\fnding)-371(that)-352(the)-362(larger)-361(the)-362(losses)-372(the)-361(bank)-371(incurred)]TJ T* [(during)-472(the)-472(subprime)-492(crisis,)-523(the)-472(larger)-462(the)-482(increase)-481(in)-472(the)-472(loan)-471(spread)-472(it)-473(c)31(harged)-472(its)]TJ T* [(corp)-30(orate)-321(b)-30(orro)29(w)31(ers.)]TJ /F13 1 Tf 14.34624 0 0 14.34624 90 533.52 Tm [(2.1)-1131(Robustness)-387(tests)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 501.72 Tm [(The)-240(link)-241(b)-30(et)30(w)30(een)-250(bank)-240(losses)-252(and)-231(their)-231(loan)-231(spreads)-252(during)-231(the)-241(subprime)-241(crisis)-252(app)-30(ears)-231(to)]TJ 0 -2.01754 TD [(b)-30(e)-291(robust)-292(b)-30(ecause)-300(it)-292(w)30(as)-301(deriv)30(ed)-311(from)-281(a)-291(mo)-30(del)-291(with)-291(\frm-bank)-302(\fxed)-300(e\013ects,)-311(and)-291(b)-30(ecause)]TJ T* [(it)-372(holds)-372(when)-390(w)30(e)-381(accoun)31(t)-371(for)-372(a)-361(large)-372(set)-381(of)-362(\frm-,)-382(bank-,)-381(and)-372(loan-sp)-30(eci\fc)-380(con)30(trols.)-583(In)]TJ T* [(this)-402(subsection,)-422(w)30(e)-401(in)30(v)30(estigate)-411(a)-392(set)-402(of)-381(issues)-413(related)-401(to)-392(our)-392(data)-381(to)-392(further)-392(pro)30(v)30(e)-411(the)]TJ T* [(robustness)-353(of)-321(that)-322(link.)-442(The)-340(results)-343(of)-321(these)-341(tests)-333(are)-331(rep)-30(orted)-332(in)-331(table)-331(4.)]TJ 3.01125 -2.01754 TD [(As)-331(w)30(e)-341(estimate)-341(our)-332(mo)-30(dels)-341(with)-332(\frm-bank)-341(\fxed)-341(e\013ects,)-341(our)-332(iden)30(ti\fcation)-341(of)-331(the)]TJ -3.01125 -2.01754 TD [(e\013ect)-371(of)-351(bank)-361(losses)-372(on)-362(loan)-351(spreads)-372(during)-361(the)-362(crisis)-372(is)-362(driv)30(en)-381(b)30(y)-361(\frms)-373(that)-352(b)-30(orro)30(w)30(ed)]TJ T* [(b)-30(oth)-402(b)-30(efore)-411(and)-402(during)-411(the)-412(crisis.)-694(There)-410(are,)-432(ho)30(w)31(ev)30(er,)-451(\frms)-413(in)-411(the)-412(sample)-411(that)-403(only)]TJ T* [(to)-30(ok)-361(out)-362(loans)-362(b)-30(efore)-361(the)-371(crisis.)-553(Estimating)-373(our)-362(mo)-30(del)-371(on)-361(the)-361(subsample)-392(of)-351(\frms)-373(that)]TJ 0 -2.02757 TD [(b)-30(orro)29(w)31(ed)]TJ /F12 1 Tf 4.26594 0 Td [(b)50(oth)]TJ /F4 1 Tf 2.05769 0 Td [(b)-30(efore)-321(and)-331(during)-332(the)-331(crisis)-342(yields)-341(similar)-342(results)-343($mo)-31(del)-320(1$.)]TJ -3.31237 -2.01754 TD [(Our)-372(sample)-391(encompasses)-401(di\013eren)30(t)-392(t)30(yp)-30(es)-382(of)-371(loans)-382($suc)30(h)-392(as)-371(credit)-382(lines)-391(and)-372(term)]TJ -3.01125 -2.01754 TD [(loans$)-312(that)-302(ma)31(y)-321(ha)30(v)30(e)-321(pricing)-311(c)31(haracteristics)-333(that)-312(are)-301(not)-311(captured)-321(b)30(y)-311(the)-311(additiv)29(e)-320(sp)-31(ec-)]TJ T* [(i\fcation)-321(w)31(e)-321(use.)-452(T)81(o)-311(address)-332(this)-323(concern,)-330(w)31(e)-331(rerun)-322(our)-311(mo)-30(del)-321(on)-311(the)-322(subsample)-341(of)-311(lines)]TJ T* [(of)-401(credit,)-442(whic)31(h)-432(is)-412(the)-412(most)-422(common)-411(t)30(yp)-30(e)-421(of)-402(loan)-411((74%))-402(in)-422(our)-402(sample.)-702(This)-422(has)-412(no)]TJ T* [(e\013ect)-331(our)-331(k)30(ey)-341(\fnding)-331($mo)-30(del)-331(2$.)]TJ 3.01125 -2.01754 TD [(Some)-301(of)-281(the)-301(loan)-291(deals)-291(in)-301(Dealscan)-290(ha)30(v)30(e)-310(m)30(ultiple)-302(facilities.)-441(W)80(e)-290(ha)30(v)30(e)-311(treated)-291(eac)31(h)]TJ -3.0112 -2.0175 TD [(facilit)30(y)-401(as)-392(a)-391(di\013eren)30(t)-402(loan,)-401(but)-402(to)-382(the)-401(exten)30(t)-402(that)-392(these)-402(loans)-391(are)-392(part)-392(of)-381(a)-391(deal,)-411(they)]TJ T* [(are)-351(not)-352(completely)-370(indep)-30(enden)31(t)-372(from)-352(eac)31(h)-361(other.)-502(As)-362(w)31(e)-361(cannot)-351(aggregate)-341(the)-361(facilities)]TJ 18.17791 -2.53949 TD (19)Tj ET endstream endobj 22 0 obj << /Length 5173 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(of)-341(the)-362(same)-361(deal)-351(b)-30(ecause)-360(there)-362(are)-351(usually)-362(di\013erences)-370(among)-351(them,)-362(w)31(e)-361(in)30(v)30(estigate)-372(this)]TJ 0 -2.01753 TD [(concern)-270(using)-261(t)29(w)31(o)-261(tests.)-433(In)-251(the)-271(\frst)-263(test,)-272(w)31(e)-271(select)-270(the)-261(facilit)30(y)-271(in)-251(the)-261(deal)-261(with)-271(the)-261(largest)]TJ 0 -2.01754 TD [(loan)-281(and)-281(retain)-281(the)-281(deals)-291(with)-281(only)-291(one)-281(facilit)30(y)81(.)-432(This)-291(pro)-30(cedure)-291(reduces)-291(our)-281(sample)-291(from)]TJ T* [(6,526)-371(loans)-381(to)-382(4,832)-371(loans.)-602(In)-392(the)-381(second)-391(test,)-413(w)31(e)-391(limit)-382(the)-392(facilities)-391(to)-372(credit)-392(lines)-391(to)]TJ T* [(force)-321(our)-321(sample)-331(to)-322(b)-30(e)-321(homogeneous)-330(and)-321(then)-322((randomly))-332(select)-331(one)-330(facilit)30(y)-332(from)-311(those)]TJ T* [(deals)-331(with)-331(m)30(ultiple)-342(credit)-331(lines,)-342(again)-320(retaining)-322(the)-331(deals)-331(with)-331(a)-322(single)-341(credit)-331(line.)-441(This)]TJ T* [(reduces)-441(our)-432(sample)-432(from)-432(6,526)-411(loans)-432(to)-421(4,951)-421(loans.)-733(W)80(e)-431(then)-442(rerun)-432(our)-422(loan-pricing)]TJ T* [(mo)-30(del)-331(on)-321(these)-341(subsamples.)-463(The)-340(results)-343(are)-321(rep)-30(orted)-332(as)-331(mo)-30(dels)-332(3)-321(and)-331(4.)-431(In)-332(b)-30(oth)-321(cases,)]TJ T* [(w)30(e)-260(con)31(tin)29(ue)-270(to)-252(\fnd)-251(that)-251(the)-261(in)30(teraction)-261(v)50(ariable)]TJ /F14 1 Tf 20.3159 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.11538 0 Td 0 Tc (x)Tj /F14 1 Tf 0.77289 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.92962 0 Td [(is)-261(p)-31(ositiv)30(e)]TJ -33.13378 -2.01754 TD [(and)-331(statistically)-343(signi\fcan)31(t.)]TJ 3.01125 -2.01753 TD [(Our)-261(tests)-273(assume)-271(that)-262(the)-261(crisis)-272(started)-262(in)-261(the)-271(fourth)-252(quarter)-261(of)-261(2007.)-401(Bank)-260(losses)]TJ -3.01125 -2.01754 TD [(started)-403(to)-401(increase)-422(rapidly)-401(in)-402(the)-411(fourth)-393(quarter)-412(of)-391(2007)-391(but)-412(there)-402(w)31(ere)-412(already)-411(signs)]TJ T* [(of)-351(a)-351(crisis)-373(in)-351(the)-361(subprime)-372(mortgage)-352(mark)30(et)-371(in)-352(the)-361(third)-362(quarter)-362(of)-351(2007.)-512(De\fning)-360(the)]TJ T* [(b)-30(eginning)-351(of)-341(the)-351(crisis)-363(at)-351(the)-352(third)-352(quarter)-352(of)-341(2007)-341(increases)-361(the)-351(n)30(um)30(b)-30(er)-362(of)-351(crisis)-362(loans)]TJ T* [(in)-331(our)-322(sample)-341(from)-322(769)-320(to)-322(979)-321(but)-331(do)-30(es)-331(not)-322(a\013ect)-331(our)-331(results)-343($mo)-30(del)-331(5$.)]TJ 3.01125 -2.01754 TD [(Finally)80(,)-432(our)-411(mo)-30(del)-412(of)-401(loan)-401(spreads)-423(accoun)32(ts)-423(for)-402(a)-411(large)-401(set)-422(of)-402(con)31(trols)-413(for)-412(\frm)]TJ -3.01125 -2.01754 TD [(risk.)-533(Some)-361(of)-351(our)-362(con)31(trols,)-372(including)-371(the)-362(v)30(olatilit)30(y)-361(of)-352(the)-361(sto)-31(c)31(k)-372(return,)]TJ /F14 1 Tf 30.77497 0 Td 0.03 Tc [(S)-30(T)-111(OC)-40(K)-271(V)-181(OL)30(;)]TJ /F4 1 Tf -30.77497 -2.01753 TD 0 Tc [(and)-421(the)-432(return)-433(on)-421(the)-422(\frm)-432(sto)-31(c)31(k,)]TJ /F14 1 Tf 15.20681 0 Td 0.06 Tc [(EX)-20(C)-10(ES)-1(S)-281(R)50(ET)-20(;)]TJ /F4 1 Tf 7.71884 0 Td 0 Tc [(are)-431(forw)30(ard)-422(lo)-30(oking,)-441(but)-433(most)-422(of)]TJ -22.92565 -2.01754 TD [(them)-402(are)-381(bac)31(kw)30(ard)-412(lo)-29(oking.)-622(As)-392(KMV)-391(EDFs)-393(are)-391(kno)30(wn)-401(to)-392(b)-30(e)-391(go)-30(o)-30(d)-371(predictors)-403(of)-391(\frm)]TJ T* [(default,)-402(w)31(e)-391(added)-391(the)-392(b)-30(orro)30(w)30(er's)-402(KMV)-381(EDF)-382(at)-382(the)-391(end)-392(of)-371(the)-391(mon)30(th)-392(b)-30(efore)-381(the)-392(loan)]TJ T* [(to)-372(our)-371(mo)-30(del.)-572(W)80(e)-371(treat)-372(this)-382(as)-372(a)-371(robustness)-393(test)-382(b)-30(ecause)-381(w)31(e)-382(do)-371(not)-371(ha)30(v)30(e)-391(KMV)-371(EDFs)]TJ T* [(for)-352(418)-351(observ)50(ations)-372(in)-361(our)-362(sample.)-542(Not)31(withstanding)-373(all)-361(of)-351(the)-361(risk)-373(con)31(trols)-362(already)-371(in)]TJ T* [(our)-281(mo)-30(del,)-301(the)-291(b)-30(orro)29(w)31(er's)-302(EDF)-282(is)-301(p)-30(ositiv)29(e)-301(and)-281(statistically)-302(signi\fcan)30(t,)-311(indicating)-301(that)-282(it)]TJ T* [(con)31(tains)-383(v)51(aluable)-381(information)-372(ab)-30(out)-362(the)-381(b)-30(orro)29(w)31(er's)-382(risk)-382($mo)-31(del)-381(6$.)-572(More)-372(imp)-30(ortan)30(tly)80(,)]TJ 0 -2.02757 TD [(w)30(e)-260(con)31(tin)29(ue)-270(to)-252(\fnd)-251(that)-251(the)-261(in)30(teraction)-261(v)50(ariable)]TJ /F14 1 Tf 20.3159 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.11538 0 Td 0 Tc (x)Tj /F14 1 Tf 0.77289 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.92962 0 Td [(is)-261(p)-31(ositiv)30(e)]TJ -33.1338 -2.0175 TD [(and)-331(statistically)-343(signi\fcan)31(t.)]TJ 18.17791 -3.0514 TD (20)Tj ET endstream endobj 23 0 obj << /Length 4422 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 126 700.8 Tm 0 g [(In)-342(summary)80(,)-351(the)-342(results)-352(w)30(e)-341(ha)31(v)30(e)-351(rep)-30(orted)-342(th)30(us)-342(far)-332(yield)-351(t)30(w)31(o)-342(imp)-30(ortan)30(t)-342(\fndings.)]TJ -3.01125 -2.01753 TD [(First,)-303(\frms)-302(paid)-291(higher)-301(spreads)-312(on)-291(their)-291(loans)-302(during)-291(the)-301(subprime)-312(crisis)-302(than)-301(they)-302(paid)]TJ 0 -2.01754 TD [(b)-30(efore)-401(the)-402(subprime)-412(crisis,)-432(ev)30(en)-421(when)-411(they)-401(con)30(tin)30(ued)-421(to)-392(b)-30(orro)29(w)-401(from)-402(the)-401(same)-402(bank.)]TJ T* [(Second,)-290(the)-271(increase)-271(in)-271(spreads)-282(w)31(as)-272(greater)-261(for)-261(b)-30(orro)29(w)31(ers)-282(that)-261(to)-31(ok)-260(out)-262(loans)-271(from)-261(banks)]TJ T* [(that)-252(incurred)-271(larger)-261(losses)-272(during)-261(the)-261(crisis.)-433(These)-270(\fndings)-271(supp)-31(ort)-262(the)-261(thesis)-272(that)-261(banks)]TJ T* [(passed)-291(some)-291(of)-271(their)-282(subprime)-302(losses)-292(on)31(to)-282(their)-281(corp)-30(orate)-271(b)-30(orro)29(w)31(ers.)-432(W)80(e)-291(in)31(v)30(estigate)-292(this)]TJ T* [(assertion)-342(in)-322(the)-331(next)-341(section.)]TJ /F10 1 Tf 17.21544 0 0 17.21544 90 501.48 Tm [(3)-1122(Did)-370(bank)-377(losses)-362(driv)27(e)-362(loan)-376(spreads?)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 465.48 Tm [(The)-310(e\013ect)-311(of)-301(bank)-311(losses)-322(on)-301(loan)-301(spreads)-312(iden)31(ti\fed)-332(in)-301(the)-311(previous)-311(section)-322(is)-301(most)-312(lik)30(ely)]TJ 0 -2.01753 TD [(bank)-291(driv)30(en)-301(b)-30(ecause)-300(our)-292(test)-292(accoun)32(ts)-302(for)-282(a)-281(comprehensiv)31(e)-321(set)-292(of)-281(\frm-,)-291(bank-,)-302(and)-291(loan-)]TJ T* [(sp)-31(eci\fc)-410(factors)-402(kno)30(wn)-411(to)-392(a\013ect)-401(loan)-401(in)30(terest)-412(rates,)-423(and)-401(b)-30(ecause)-411(it)-392(fo)-30(cuses)-412(on)-391(loans)-402(of)]TJ T* [(\frms)-322(that)-302(b)-30(orro)30(w)30(ed)]TJ /F12 1 Tf 8.79285 0 Td [(b)50(oth)]TJ /F4 1 Tf 2.02757 0 Td [(b)-30(efore)-311(and)-311(during)-311(the)-312(crisis)-322(from)-301(the)]TJ /F12 1 Tf 15.94959 0 Td (same)Tj /F4 1 Tf 2.45919 0 Td [(bank.)-441(Nonetheless,)]TJ -29.2292 -2.01753 TD [(b)-30(ecause)-421(banks')-422(c)31(harge-o\013s)-422(are)-412(endogenous,)-440(one)-411(ma)30(y)-422(w)31(onder)-422(if)-411(there)-412(is)-422(an)-411(alternativ)29(e)]TJ T* [(explanation)-471(for)-462(our)-472(\fnding.)-864(F)80(or)-462(instance,)-512(could)-481(banks)-472(ha)30(v)30(e)-481(c)31(harged)-482(higher)-472(spreads)]TJ T* [(on)-391(their)-402(loans)-392(during)-402(the)-391(crisis)-413(b)-30(ecause)-401(the)-401(\fnancial)-401(condition)-391(of)-392(their)-402(b)-30(orro)30(w)30(ers)-402(w)31(as)]TJ T* [(deteriorating)-342(in)-341(w)30(a)31(ys)-362(that)-332(w)31(ere)-351(not)-342(captured)-351(b)30(y)-341(our)-342(con)31(trols?)-483(Imp)-30(ortan)29(tly)80(,)-351(that)-332(factor)]TJ T* [(could)-321(explain)-330(our)-312(\fndings)-321(only)-321(if)-322(suc)30(h)-331(a)-311(deterioration)-322(in)-311(b)-30(orro)30(w)30(ers')-332(\fnancial)-320(conditions)]TJ T* [(resulted)-342(in)-331(an)-321(increase)-341(in)-331(banks')-342(c)31(harge-o\013s.)]TJ 3.01125 -2.01754 TD [(This)-452(mec)31(hanism)-452(is)-442(unlik)30(ely)-461(to)-432(explain)-441(our)-432(\fnding.)-773(First,)-463(w)30(e)-441(ha)30(v)30(e)-451(a)-431(large)-432(set)]TJ -3.01125 -2.01754 TD [(of)-401(con)30(trols)-423(for)-401(b)-31(orro)30(w)31(ers')-423(risk,)-432(including)-421(sev)30(eral)-431(forw)30(ard-lo)-31(oking)-401(con)31(trols,)-433(suc)30(h)-432(as)-411(the)]TJ T* [(sto)-31(c)31(k)-352(return,)-342(the)-341(v)30(olatilit)30(y)-352(of)-331(the)-341(sto)-31(c)31(k)-342(return,)-352(and)-331(the)-341(b)-30(orro)29(w)31(er's)-352(KMV)-341(EDF.)-332(Second,)]TJ T* [(most)-292(of)-281(the)-291(losses)-302(banks)-291(incurred)-301(in)-292(2007)-270(and)-291(2008)-270(resulted)-302(from)-281(their)-292(mortgage)-281(trading)]TJ T* [(business)-292(|)-271(not)-261(from)-271(their)-272(corp)-30(orate)-271(lending)-271(business)-302(|)-260(and)-271(w)30(e)-281(dropp)-30(ed)-271(corp)-30(orations)-271(in)]TJ T* [(the)-301(real)-301(estate)-302(business)-322(from)-301(our)-292(analysis.)-442(Third,)-321(it)-292(w)31(ould)-311(b)-30(e)-301(necessary)-321(for)-292(b)-30(orro)30(w)30(ers)-311(in)]TJ 18.17791 -3.55327 TD (21)Tj ET endstream endobj 24 0 obj << /Length 4647 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(our)-281(sample)-301(to)-272(ha)31(v)30(e)-301(stopp)-31(ed)-291(pa)31(ying)-291(in)30(terest)-302(or)-281(to)-282(ha)30(v)31(e)-291(defaulted)-301($or)-272(b)-30(e)-290(ab)-30(out)-282(to)-281(default$)]TJ 0 -2.01753 TD [(on)-281(their)-291(pre-crisis)-303(loans.)-422(Only)-290(on)-281(these)-302(o)-30(ccasions)-290(w)30(ould)-291(a)-281(deterioration)-291(in)-292(their)-281(\fnancial)]TJ 0 -2.01754 TD [(condition)-321(increase)-331(banks')-321(c)30(harge-o\013s.)-442(W)81(e)-321(do)-311(not)-312(ha)31(v)30(e)-331(evidence)-340(of)-301(defaults)-331(among)-311(rated)]TJ T* [(b)-30(orro)29(w)31(ers)-282(in)-261(our)-271(sample)-271(during)-271(the)-271(crisis)-282($these)-272(b)-30(orro)30(w)30(ers)-281(accoun)31(t)-272(for)-261(68%)-261(of)-261(our)-271(loans$.)]TJ 3.01125 -2.01754 TD [(Not)30(withstanding)-252(these)-251(argumen)31(ts,)-272(in)-241(this)-242(section)-251(w)31(e)-251(attempt)-241(to)-232(establish)-261(that)-232(our)]TJ -3.01125 -2.01754 TD [(\fnding)-331(is)-332(bank)-321(driv)30(en)-341(using)-332(t)30(w)31(o)-332(tests.)-442(The)-341(\frst)-323(test)-332(builds)-341(on)-322(an)-321(instrumen)30(tal)-342(v)50(ariable)]TJ T* [(approac)31(h.)-422(The)-280(second)-291(test)-282(in)30(v)30(estigates)-301(whether)-291(those)-282(banks)-281(that)-272(had)-271(large)-280(losses)-292(during)]TJ T* [(the)-301(crisis)-302(increased)-311(in)30(terest)-312(rates)-302(on)-291(their)-301(loans)-292(predominan)31(tly)-312(for)-291(their)-302(bank-dep)-30(enden)31(t)]TJ T* [(b)-30(orro)29(w)31(ers.)-492(If)-342(our)-342(\fndings)-361(are)-342(bank)-341(driv)30(en,)-371(these)-351(b)-30(orro)29(w)31(ers)-352(should)-352(b)-30(e)-351(more)-341(a\013ected)-351(b)30(y)]TJ T* [(bank)-331(losses)-342(than)-332(nondep)-29(enden)31(t)-352(b)-30(orro)29(w)31(ers.)]TJ /F13 1 Tf 14.34624 0 0 14.34624 90 437.04 Tm [(3.1)-1131(An)-368(instrumen)31(tal)-393(v)59(ariable)-386(approac)33(h)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 405.24 Tm [(As)-362(w)31(e)-371(explain)-371(in)-371(the)-362(metho)-30(dology)-361(section,)-381(since)-371(our)-362(instrumen)29(t)-381(for)-352(bank)-371(losses)-372(|)-361(the)]TJ 0 -2.01754 TD [(bank's)-352(holdings)-341(of)-331(mortgage-bac)30(k)31(ed)-351(securities)-362(scaled)-341(b)30(y)-351(the)-342(bank's)-351(assets)-353(|)-331(is)-341(go)-30(o)-30(d)-321(at)]TJ T* [(explaining)-321(the)-311(cross)-312(v)51(ariation)-302(in)-311(the)-311(c)30(hange)-310(of)]TJ /F14 1 Tf 19.9144 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.98985 0 Td [(b)-30(et)30(w)30(een)-320(the)-311(crisis)-322(and)]TJ -27.90425 -2.01754 TD [(pre-crisis)-383(p)-30(erio)-30(d)-371(for)-362(eac)31(h)-381(giv)30(en)-381(bank,)-391(w)30(e)-381(use)-381(di\013erences)-391($crisis)-383(min)30(us)-382(pre-crisis$)-383(in)-381(the)]TJ T* [(t)30(w)30(o-stage)-331(approac)30(h.)]TJ 3.01125 -2.02757 TD [(T)81(o)-362(ensure)-381(that)-362(the)-362(loan-spread)-361(di\013erence)-381(is)-372(computed)-371(on)-361(similar)-372(loans,)-371(w)30(e)-371(\frst)]TJ -3.01125 -2.01754 TD [(isolated)-382(the)-381(316)-371(of)-371(the)-382(1,716)-361(b)-30(orro)30(w)30(ers)-392(in)-371(our)-382(sample)-381(that)-382(to)-31(ok)-371(out)-371(loans)-382(b)-30(oth)-372(b)-30(efore)]TJ T* [(and)-281(during)-291(the)-292(crisis.)-432(Next,)-301(w)31(e)-291(remo)30(v)30(ed)-311(those)-291(b)-30(orro)30(w)30(ers)-292(that)-281(did)-291(not)-282(b)-30(orro)30(w)-281(during)-291(the)]TJ T* [(crisis)-412(from)-392(the)-402(same)-401(bank)-402(that)-392(extended)-411(their)-402(last)-402(loan)-391(b)-30(efore)-391(the)-402(onset)-402(of)-391(the)-391(crisis.)]TJ T* [(W)81(e)-432(also)-421(remo)30(v)30(ed)-441(those)-432(b)-30(orro)29(w)31(ers)-432(that)-423(had)-431(more)-422(than)-421(one)-432(common)-431(lead)-421(arranger)-422(on)]TJ T* [(their)-322(pre-crisis)-342(and)-321(crisis)-332(loans.)-432(Last,)-332(w)30(e)-331(remo)30(v)31(ed)-331(those)-332(b)-30(orro)30(w)30(ers)-332(whose)-330(pre-crisis)-333(loan)]TJ T* [(w)30(ere)-391(of)-361(a)-371(di\013eren)30(t)-392(t)30(yp)-30(e)-381(than)-372(their)-372(crisis)-392(loans.)-582(These)-391(criteria)-372(left)-382(us)-371(with)-382(a)-371(sample)-382(of)]TJ T* [(252)-321(loans)-341(|)-321(126)-321(pairs)-342(of)-321(either)-341(credit)-342(lines)-341(or)-332(term)-331(loans.)-452(This)-351(is)-332(the)-341(sample)-342(w)31(e)-341(use)-341(in)]TJ T* [(the)-331(instrumen)29(tal)-342(v)51(ariable)-331(approac)30(h.)-442(Eac)31(h)-332(pair)-331(of)-321(loans)-322(in)-331(the)-331(sample)-342(is)-331(made)-331(up)-331(of)-321(the)]TJ 18.17791 -2.53949 TD (22)Tj ET endstream endobj 25 0 obj << /Length 5088 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(b)-30(orro)29(w)31(er's)-332(last)-322(loan)-311(b)-30(efore)-321(the)-321(crisis)-332(and)-321(its)-322(loan)-321(tak)30(en)-331(out)-311(during)-322(the)-321(crisis.)-453(with)-321(b)-30(oth)]TJ 0 -2.01753 TD [(loans)-331(extended)-341(b)30(y)-341(the)-331(same)-331(bank.)]TJ 3.01125 -2.01754 TD [(The)-310(results)-323(of)-301(the)-311(\frst)-313(stage)-311(of)-301(our)-312(instrumen)30(tal)-322(v)50(ariable)-311(approac)31(h)-311($see)-312(equation)]TJ -3.01125 -2.01754 TD [(2)-371(in)-382(the)-381(metho)-30(dology)-381(section$)-392(are)-381(rep)-30(orted)-382(in)-382(table)-381(5.)-582(Mo)-30(del)-381(1)-382(rep)-30(orts)-382(the)-382(\frst-stage)]TJ T* [(results)-433(for)-412(our)-422(sample)-431(of)-412(252)-411(loans.)-713(Mo)-30(dels)-422(2)-421(and)-411(3)-422(rep)-30(ort)-412(the)-422(\frst-stage)-423(results)-433(for)]TJ T* [(t)30(w)30(o)-291(robustness)-313(tests.)-432(The)-301(\frst)-292(test)-292(in)30(v)30(estigates)-312(what)-291(happ)-30(ens)-291(when)-300(w)30(e)-291(limit)-291(our)-292(sample)]TJ T* [(to)-402(credit)-421(lines,)-442(whic)31(h)-432(is)-412(the)-412(most)-412(common)-421(credit)-421(t)29(yp)-30(e)-411(in)-412(the)-421(sample.)-693(Recall)-410(that)-412(w)30(e)]TJ T* [(require)-321(the)-301(pairs)-312(of)-301(loans)-302(that)-301(w)30(e)-311(use)-321(in)-301(the)-311(instrumen)29(tal)-322(v)50(ariable)-300(approac)30(h)-311(to)-301(b)-31(e)-300(either)]TJ T* [(term)-372(loans)-371(or)-362(credit)-372(lines.)-572(This)-381(test)-373(remo)31(v)30(es)-392(the)-371(former)-362(from)-372(the)-371(sample.)-562(The)-381(second)]TJ T* [(robustness)-303(test)-302(in)30(v)30(estigates)-311(the)-291(e\013ect)-291(of)-281(c)31(hanging)-291(the)-291(starting)-293(date)-281(of)-281(the)-291(crisis)-302(from)-291(the)]TJ T* [(fourth)-392(quarter)-402(of)-382(2007)-381(to)-391(the)-402(third)-392(quarter)-402(of)-382(2007.)-632(These)-400(tests)-413(are)-392(analogous)-391(to)-391(the)]TJ T* [(robustness)-353(tests)-333(w)31(e)-341(rep)-30(ort)-322(in)-331(subsection)-352(2.1.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 316.2 439.8 Tm (16)Tj /F4 1 Tf 11.95517 0 0 11.95517 126 411.36 Tm [(A)-331(quic)31(k)-342(lo)-30(ok)-331(at)-321(T)81(able)-331(5)-331(rev)30(eals)-341(that)-322(our)-332(instrumen)30(t,)]TJ /F14 1 Tf 22.81524 0 Td 0.1 Tc [(MB)50(S)100(;)]TJ /F4 1 Tf 3.0514 0 Td 0 Tc [(helps)-331(to)-332(explain)-341(the)]TJ -28.87789 -2.01753 TD [(v)50(ariation)-301(in)-311(our)-302(endogenous)-320(v)50(ariable,)-311<01>]TJ /F14 1 Tf 16.87304 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S:)]TJ /F4 1 Tf 8.21067 0 Td [(All)-311(else)-321(equal,)-310(the)-312(higher)-321(the)]TJ -25.08371 -2.01754 TD [(exp)-30(osure)-301(that)-282(banks)-291(had)-281(to)-281(the)-282(mark)30(et)-301(for)-271(mortgage-bac)30(k)31(ed)-291(securities)-312(prior)-282(to)-281(the)-281(onset)]TJ T* [(of)-321(the)-331(crisis,)-343(the)-331(greater)-331(the)-332(increase)-341(in)-331(their)-332(c)31(harge-o\013s)-332(during)-321(the)-331(crisis.)]TJ 3.01125 -2.01754 TD [(T)81(able)-421(6)-402(rep)-30(orts)-423(the)-411(second-stage)-422(results)-423(of)-411(our)-412(instrumen)29(tal)-422(v)51(ariable)-422(approac)31(h)]TJ -3.01125 -2.01753 TD [($see)-381(equation)-372(3)-361(in)-371(the)-372(metho)-30(dology)-371(section$.)-572(F)80(or)-352(comparison)-381(purp)-31(oses,)-392(w)31(e)-371(also)-372(rep)-30(ort)]TJ T* [(the)-241(results)-252(of)-241(equation)-241(3)-240(in)-241(table)-241(6.)-402(In)-251(this)-242(equation,)-260(w)30(e)-250(use)-251(the)-241(c)30(hange)-250(in)-241(our)-241(endogenous)]TJ T* [(v)50(ariable)-391<01>]TJ /F14 1 Tf 4.54699 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.69876 0 Td [(,)-381(instead)-402(of)-382(the)-391(predicted)-401(v)50(alue)-381(of)-382(this)-402(v)50(ariable,)-401(whic)31(h)-402(w)31(e)]TJ -12.24575 -2.01754 TD [(estimate)-392(with)-381(the)-382(\frst-stage)-393(mo)-30(del,)]TJ /F19 1 Tf 18.48907 0.22082 TD (\\)Tj /F14 1 Tf -2.66997 -0.22082 TD [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)-41(:)]TJ /F4 1 Tf 8.33112 0 Td [(Mo)-30(dels)-392(1)-371(through)-382(3)-371(sho)30(w)-392(that)]TJ -24.15022 -2.01754 TD [(our)-231(\fndings)-251(con)30(tin)30(ue)-251(to)-241(hold)-241(when)-240(w)31(e)-251(in)30(v)30(estigate)-261(the)-241(e\013ect)-240(of)-231(bank)-241(losses)-261(on)-231(loan)-241(spreads)]TJ T* [(using)-362(the)-361(\\di\013erence)-360(approac)30(h.")-522(According)-360(to)-352(these)-361(mo)-30(dels,)-372(the)-361(bigger)-351(the)-362(increase)-370(in)]TJ T* [(the)-231(bank's)-241(c)30(harge-o\013s,)-251(the)-231(greater)-231(the)-231(loan)-220(spread)-242(hik)31(e)-241(the)-231(bank)-231(imp)-30(osed)-240(on)-231(its)-232(b)-30(orro)30(w)30(ers)]TJ 0 -2.02757 TD [(during)-372(the)-361(crisis.)-563(These)-381(\fndings)-372(hold)-371(in)-361(our)-362(original)-361(sample)-372($mo)-30(del)-371(1$)-362(and)-361(in)-371(the)-362(t)30(w)30(o)]TJ 0 -2.0175 TD [(robustness)-353(tests)-333($mo)-30(dels)-341(2)-321(and)-331(3$.)]TJ 18.17791 -3.0514 TD (23)Tj ET endstream endobj 26 0 obj << /Length 4591 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 126 700.8 Tm 0 g [(Mo)-30(dels)-382(4)-371(through)-362(6,)-381(whic)31(h)-392(rep)-30(ort)-362(the)-382(results)-382(of)-372(the)-371(second)-381(stage)-372(of)-371(our)-372(instru-)]TJ -3.01125 -2.01753 TD [(men)30(tal)-341(v)50(ariable)-341(approac)31(h,)-342(also)-341(sho)30(w)-341(a)-331(p)-30(ositiv)29(e)-351(relationship)-352(b)-30(et)30(w)31(een)-351(the)-341(increase)-351(in)-341(the)]TJ 0 -2.01754 TD [(bank's)-281(losses)-292(and)-271(the)-271(increase)-291(in)-271(the)-271(loan)-271(spreads)-281(it)-272(c)31(harged)-281(its)-272(corp)-30(orate)-271(b)-30(orro)29(w)31(ers)-282(dur-)]TJ T* [(ing)-371(the)-382(crisis.)-593(These)-391(\fndings)-381(dispro)29(v)30(e)-401(the)-371(alternativ)29(e)-391(explanation)-381(suggested)-382(ab)-30(o)31(v)30(e)-381(for)]TJ T* [(our)-352(\fndings.)-522(More)-361(imp)-31(ortan)30(tly)80(,)-362(they)-361(supp)-30(ort)-352(the)-362(thesis)-362(that)-352(the)-362(losses)-372(banks)-361(incurred)]TJ T* [(during)-362(the)-371(crisis)-372(w)30(ere)-381(a)-351(driv)30(er)-382(of)-351(the)-362(loan)-361(spread)-371(increase)-381(that)-352(w)30(e)-381(detected)-371(during)-371(the)]TJ (crisis.)' /F13 1 Tf 14.34624 0 0 14.34624 90 509.4 Tm [(3.2)-1131(Are)-251(bank-dep)-35(enden)32(t)-251(b)-34(orro)33(w)33(ers)-252(more)-260(exp)-33(osed)-253(to)-251(bank)-251(losses?)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 477.6 Tm [(In)-342(the)-341(second)-351(test,)-352(w)30(e)-340(in)30(v)30(estigate)-362(whether)-351(banks)-351(with)-342(larger)-331(losses)-362(increased)-351(their)-342(loan)]TJ 0 -2.01753 TD [(spreads)-483(for)-452(bank-dep)-29(enden)30(t)-492(b)-30(orro)30(w)30(ers)-472(and)-472(nondep)-30(enden)31(t)-482(b)30(y)-472(equal)-471(amoun)31(ts.)-864(As)-472(w)30(e)]TJ T* [(explained)-411(in)-391(the)-392(metho)-30(dology)-401(section,)-421(if)-382(bank)-401(losses)-412(are)-392(the)-391(driv)30(er)-402(of)-391(the)-392(loan)-391(spread)]TJ T* [(increase,)-261(then)-220(w)30(e)-230(w)30(ould)-231(exp)-29(ect)-231(banks)-231(with)-221(larger)-221(losses)-231(to)-222(apply)-220(larger)-221(spread)-221(increases)-241(to)]TJ T* [(their)-342(loans)-331(to)-332(bank-dep)-29(enden)30(t)-361(b)-31(orro)30(w)31(ers.)-473(T)81(o)-331(in)30(v)30(estigate)-351(this)-343(h)31(yp)-30(othesis,)-363(w)31(e)-341(reestimate)]TJ T* [(our)-321(original)-322(mo)-30(del)-331(of)-321(loan)-321(spreads)-342(on)-321(the)-331(sample)-331(of)-321(loans)-322(to)-321(bank-dep)-30(enden)31(t)-352(b)-30(orro)30(w)30(ers)]TJ T* [(and)-331(on)-321(the)-331(sample)-342(of)-321(loans)-331(to)-322(nondep)-29(enden)30(t)-351(b)-30(orro)29(w)31(ers.)]TJ 3.01125 -2.01754 TD [(W)81(e)-402(consider)-411(t)30(w)30(o)-411(alternativ)29(e)-411(criteria)-402(to)-401(iden)30(tify)-412(bank-dep)-30(enden)31(t)-422(b)-30(orro)29(w)31(ers.)-663(As)]TJ -3.01125 -2.02757 TD [(there)-442(is)-432(less)-442(information)-432(a)30(v)50(ailable)-441(on)-431(b)-30(orro)29(w)31(ers)-442(that)-423(do)-431(not)-432(ha)30(v)31(e)-442(access)-451(to)-432(the)-431(b)-31(ond)]TJ 0 -2.01754 TD [(mark)30(et,)-522(in)-472(our)-482(\frst)-473(criterion)-482(w)30(e)-481(classify)-492(b)-31(orro)30(w)31(ers)-483(as)-482(bank)-481(dep)-30(enden)31(t)-493(if)-471(their)-483(most)]TJ T* [(recen)31(t)-432(issue)-432(in)-422(the)-412(public)-431(b)-30(ond)-411(mark)29(et)-431(o)-30(ccurred)-421(in)-422(the)-422(three)-421(y)30(ears)-432(prior)-412(to)-412(the)-422(loan.)]TJ T* [(As)-402(banks)-401(are)-402(more)-391(lik)30(ely)-411(to)-392(ha)30(v)31(e)-411(an)-392(informational)-392(adv)51(an)30(tage)-401(vis-\022)491(a-vis)-402(b)-30(orro)30(w)30(ers)-402(that)]TJ T* [(ha)30(v)30(e)-320(a)-311(relationship)-322(with)-311(them,)-322(under)-321(the)-311(second)-321(criterion)-312(w)31(e)-321(classify)-322(b)-30(orro)30(w)30(ers)-321(as)-312(bank)]TJ T* [(dep)-30(enden)31(t)-322(if)-291(they)-311(also)-301(b)-30(orro)29(w)31(ed)-301(from)-302(the)-301(lender)-311(of)-291(the)-301(curren)30(t)-311(loan)-301(during)-302(the)-301(last)-302(y)30(ear)]TJ T* [($a)-321(time)-332(horizon)-331(of)-321(three)-341(y)30(ears)-332(yields)-351(similar)-332(results$.)]TJ 3.01125 -2.01754 TD [(The)-240(results)-242(of)-221(the)-231(\frst)-232(criterion)-232(are)-230(rep)-30(orted)-232(in)-231(mo)-30(dels)-230(1)-221(and)-231(2)-231(in)-220(table)-231(7,)-251(while)-240(the)]TJ -3.0112 -2.0175 TD [(results)-292(of)-261(the)-281(second)-291(criterion)-282(are)-270(rep)-31(orted)-271(in)-281(mo)-30(dels)-281(3)-271(and)-271(4.)-421(W)80(e)-270(use)-292(our)-271(original)-271(mo)-30(del)]TJ 18.17791 -2.53949 TD (24)Tj ET endstream endobj 27 0 obj << /Length 4700 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(of)-401(loan)-402(spreads)-412(to)-402(undertak)30(e)-421(these)-412(tests)-413(b)-30(ecause)-420(w)30(e)-411(do)-401(not)-402(ha)30(v)30(e)-411(enough)-411(observ)50(ations)]TJ 0 -2.01753 TD [(in)-321(our)-322(instrumen)29(tal)-341(v)50(ariable)-321(approac)31(h)-332(to)-311(separately)-341(in)30(v)30(estigate)-342(the)-321(e\013ect)-331(of)-321(bank)-321(losses)]TJ 0 -2.01754 TD [(on)-391(loan)-391(spreads)-413(for)-392(bank)-391(dep)-30(enden)31(t)-422(and)-391(nondep)-30(enden)31(t)-412(b)-30(orro)29(w)31(ers.)-653(Irresp)-31(ectiv)30(e)-421(of)-391(the)]TJ T* [(criterion)-352(adopted)-341(to)-341(iden)30(tify)-362(bank-dep)-29(enden)30(t)-361(b)-31(orro)30(w)30(ers,)-361(w)30(e)-351(\fnd)-351(that)-342(the)-342(co)-29(e\016cien)31(t)-362(on)]TJ /F14 1 Tf T* 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.18564 0 Td 0 Tc (x)Tj /F14 1 Tf 0.83311 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 7.99989 0 Td [(is)-322(p)-30(ositiv)30(e)-331(and)-311(statistically)-333(signi\fcan)30(t)-331(in)-321(mo)-30(dels)-332(of)-311(bank-)]TJ -13.01864 -2.01754 TD [(dep)-30(enden)31(t)-382(b)-30(orro)30(w)30(ers)-372($mo)-30(dels)-372(1)-361(and)-371(3$.)-542(In)-362(con)31(trast,)-383(the)-372(co)-29(e\016cien)31(t)-382(on)-361(that)-362(in)30(teraction)]TJ T* [(is)-332(not)-331(statistically)-343(signi\fcan)30(t)-331(in)-331(mo)-30(dels)-342(of)-321(nondep)-30(enden)31(t)-342(b)-30(orro)30(w)30(ers)-341($mo)-31(dels)-331(2)-331(and)-321(4$.)]TJ 3.01125 -2.01754 TD [(These)-401(results)-403(sho)30(w)-401(that)-382(banks)-392(with)-391(larger)-392(losses)-402(during)-382(the)-391(subprime)-403(crisis)-402(in-)]TJ -3.01125 -2.01754 TD [(creased)-271(the)-271(spreads)-271(on)-261(their)-262(loans)-261(to)-261(bank-dep)-30(enden)31(t)-282(b)-30(orro)30(w)30(ers)-271(but)-262(not)-261(on)-261(their)-261(loans)-261(to)]TJ T* [(nondep)-30(enden)31(t)-301(b)-31(orro)30(w)31(ers.)-433(These)-290(\fndings)-281(lend)-291(further)-282(supp)-31(ort)-282(to)-271(our)-271(conclusion)-291(that)-281(the)]TJ T* [(increase)-391(in)-381(loan)-372(spreads)-392(during)-382(the)-381(subprime)-392(crisis)-393(w)31(as)-382(bank)-391(driv)30(en,)-401(and)-382(adds)-381(further)]TJ T* [(supp)-31(ort)-332(to)-321(our)-332(\fnding)-331(from)-321(the)-332(instrumen)29(tal)-341(v)50(ariable)-331(test.)]TJ /F10 1 Tf 17.21544 0 0 17.21544 90 380.88 Tm [(4)-1122(Loan)-376(size)-362(and)-377(bank)-377(losses)-362(during)-363(the)-370(crisis)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 344.88 Tm [(As)-311(w)30(e)-321(noted)-321(in)-311(the)-311(in)30(tro)-31(duction,)-321(one)-311(adv)51(an)30(tage)-311(of)-311(fo)-30(cusing)-311(on)-311(loan)-311(spreads,)-322(as)-312(opp)-30(osed)]TJ 0 -2.01754 TD [(to)-311(loan)-321(amoun)30(ts,)-322(when)-331(in)31(v)30(estigating)-332(the)-321(e\013ect)-331(of)-311(bank)-321(losses)-332(on)-311(loan)-321(p)-30(olicies)-321(is)-331(that)-312(w)30(e)]TJ T* [(ha)30(v)30(e)-401(a)-381(far)-382(b)-30(etter)-382(understanding)-402(of)-381(the)-392(determinan)30(ts)-402(of)-382(loan)-381(in)30(terest)-402(rates)-392(than)-392(of)-381(the)]TJ T* [(determinan)30(ts)-312(of)-291(loan)-291(sizes.)-442(That)-291(said,)-311(a)-291(natural)-292(question)-311(to)-281(ask)-302(giv)31(en)-311(our)-291(earlier)-292(\fnding)]TJ T* [(is)-372(whether)-381(the)-371(size)-371(of)-362(loans)-371(that)-362(corp)-30(orations)-363(to)-30(ok)-361(out)-372(from)-362(banks)-371(that)-362(incurred)-382(large)]TJ T* [(losses)-342(during)-332(the)-331(crisis)-342(declined.)]TJ 3.01125 -2.01754 TD [(T)81(o)-261(in)30(v)30(estigate)-281(this)-272(question,)-291(w)30(e)-281(consider)-271(a)-260(mo)-30(del)-271(in)-261(whic)31(h)-281(the)-271(dep)-30(enden)31(t)-282(v)51(ariable)]TJ -3.01125 -2.01754 TD [(is)-422(the)-422(log)-411(of)-411(the)-422(loan)-411(amoun)30(t.)-703(In)-422(that)-412(mo)-30(del,)-441(w)30(e)-431(include)-421(our)-422(crisis)-432(dumm)30(y)-432(v)50(ariable,)]TJ /F14 1 Tf T* 0.08 Tc [(C)10(R)70(IS)20(IS)80(;)]TJ /F4 1 Tf 4.42654 0 Td 0 Tc [(and)-351(its)-342(in)30(teraction)-362(with)-351(the)-342(bank's)-361(losses,)]TJ /F14 1 Tf 18.26825 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S;)]TJ /F4 1 Tf 8.24079 0 Td [(and)-351(con)30(trol)-342(for)]TJ -30.93557 -2.01754 TD [(our)-301(\frm-)-292(and)-301(bank-sp)-31(eci\fc)-320(v)50(ariables.)-431(As)-302(with)-301(our)-301(analysis)-312(on)-301(loan)-291(spreads,)-322(w)31(e)-311(estimate)]TJ T* [(this)-302(mo)-30(del)-291(with)-291(\frm-bank)-302(\fxed)-300(e\013ects,)-311(and)-291(cluster)-302(the)-301(errors)-292(b)30(y)-301(\frm)-292(and)-291(b)30(y)-301(bank.)-431(The)]TJ 18.17791 -3.55327 TD (25)Tj ET endstream endobj 28 0 obj << /Length 4368 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(results)-343(of)-321(this)-332(in)30(v)30(estigation)-351(are)-321(rep)-31(orted)-331(in)-331(table)-332(8.)]TJ 3.01125 -2.01753 TD [(Mo)-30(del)-432(1)-421(compares)-431(the)-432(size)-431(of)-422(loans)-422(that)-422(\frms)-442(to)-31(ok)-411(out)-422(during)-432(the)-432(crisis)-432(with)]TJ -3.01125 -2.01754 TD [(the)-442(loans)-441(that)-443(they)-441(to)-31(ok)-441(out)-432(b)-30(efore)-442(the)-441(crisis,)-483(con)31(trolling)-453(for)-432(our)-442(set)-442(of)-431(\frm-sp)-32(eci\fc)]TJ T* [(c)31(haracteristics.)-724(This)-432(mo)-30(del)-421(sho)30(ws)-432(that)-412(\frms)-423(to)-30(ok)-411(out)-422(smaller)-422(loans)-422(during)-422(the)-422(crisis)]TJ T* [(than)-332(they)-341(to)-30(ok)-321(out)-332(from)-331(the)-332(same)-341(bank)-331(b)-30(efore)-331(the)-331(crisis.)-463(Mo)-30(del)-341(2)-321(in)30(v)30(estigates)-362(whether)]TJ T* [(this)-292(decline)-300(in)-281(the)-281(size)-301(of)-281(loans)-281(w)30(as)-291(related)-291(to)-281(the)-282(losses)-301(banks)-292(incurred)-291(during)-291(the)-281(crisis.)]TJ T* [(The)-411(results)-413(of)-391(this)-402(mo)-30(del)-402(indicate)-411(that)-402(b)-30(orro)30(w)30(ers)-402(of)-401(banks)-402(that)-402(incurred)-412(larger)-392(losses)]TJ T* [(during)-382(the)-371(crisis)-393(to)-30(ok)-371(smaller)-382(loans)-381(during)-382(the)-372(crisis.)-603(Mo)-30(del)-371(3)-371(sho)29(ws)-391(that)-372(this)-383(\fnding)]TJ T* [(con)31(tin)29(ues)-381(to)-362(hold)-371(when)-371(w)31(e)-371(expand)-381(our)-362(set)-372(of)-351(\frm-sp)-31(eci\fc)-381(con)31(trols)-372(and)-372(include)-370(our)-362(set)]TJ T* [(of)-482(bank-sp)-30(eci\fc)-491(con)31(trols.)-915(In)-482(this)-493(case,)]TJ /F14 1 Tf 17.75634 0 Td 0.08 Tc [(C)10(R)70(IS)20(IS)]TJ /F4 1 Tf 4.34624 0 Td 0 Tc (x)Tj /F14 1 Tf 1.00375 0 Td [(C)-70(H)-80(AR)-10(GE)-60(O)-30(F)-140(F)-141(S)]TJ /F4 1 Tf 8.16049 0 Td [(is)-482(statistically)]TJ -31.26681 -2.01753 TD [(signi\fcan)30(t)-341(but)-332(only)-331(at)-322(the)-331(10%)-321(lev)31(el.)]TJ 3.01125 -2.01754 TD [(In)-372(sum,)-382(our)-371(\fndings)-372(sho)30(w)-381(that)-362(loan)-361(spreads)-383(rose)-371(during)-372(the)-372(crisis)-382(and)-361(that)-372(the)]TJ -3.01125 -2.01754 TD [(increase)-321(w)31(as)-312(more)-311(pronounced)-310(among)-301(corp)-30(orations)-302(that)-302(to)-30(ok)-301(out)-302(loans)-311(from)-301(banks)-312(that)]TJ T* [(incurred)-372(larger)-351(losses.)-543(Our)-351(\fndings)-372(also)-352(sho)30(w)-371(that)-352(\frms)-362(to)-30(ok)-362(smaller)-361(loans)-362(during)-361(the)]TJ T* [(crisis)-463(and)-451(that)-453(this)-462(decrease)-461(w)30(as)-462(more)-451(pronounced)-461(among)-452(\frms)-462(that)-443(b)-30(orro)30(w)30(ed)-461(from)]TJ T* [(banks)-412(that)-402(incurred)-412(larger)-391(losses.)-674(Finally)81(,)-422(our)-402(in)30(v)30(estigation)-412(sho)30(ws)-421(that)-393(these)-421(c)30(hanges)]TJ T* [({)-351(esp)-30(ecially)-371(the)-351(increase)-361(in)-361(loan)-341(spreads)-373({)-341(are)-351(bank)-361(driv)30(en.)]TJ /F11 1 Tf 7.97011 0 0 7.97011 393.72 319.2 Tm (17)Tj /F4 1 Tf 11.95517 0 0 11.95517 407.04 314.88 Tm [(T)81(ak)30(en)-361(together,)-362(our)-351(\fnd-)]TJ -26.51907 -2.01753 TD [(ings)-382(indicate)-391(that)-382(credit)-391(a)30(v)50(ailabilit)30(y)-391(w)30(as)-392(negativ)31(ely)-391(a\013ected)-391(b)30(y)-391(bank)-391(losses)-393(during)-391(the)]TJ T* [(subprime)-342(crisis.)]TJ /F10 1 Tf 17.21544 0 0 17.21544 90 212.04 Tm [(5)-1122(Final)-376(remarks)]TJ /F4 1 Tf 11.95517 0 0 11.95517 90 176.04 Tm [(As)-221(banks)-231(con)31(tin)29(ued)-240(to)-211(announce)-230(large)-211(write-do)30(wns)-241(follo)30(wing)-220(the)-221(meltdo)30(wn)-230(of)-211(the)-231(mortgage-)]TJ 0 -2.01754 TD [(bac)31(k)30(ed)-321(securities)-322(mark)30(et)-311(in)-301(the)-301(summer)-312(of)-301(2007,)-291(concerns)-320(ab)-30(out)-292(the)-301(a)30(v)51(ailabilit)29(y)-311(of)-291(bank)]TJ T* [(credit)-402(b)-30(egan)-391(to)-401(gro)30(w.)-642(A)30(t)-392(the)-401(cen)30(ter)-412(of)-391(these)-402(concerns)-411(w)31(as)-412(the)-391(claim)-402(that,)-412(b)30(y)-411(cutting)]TJ T* [(do)30(wn)-311(on)-291(their)-311(lending,)-311(banks)-311(could)-301(transform)-303(what)-301(w)31(as)-312(then)-301(p)-30(erceiv)31(ed)-321(as)-301(a)-291(crisis)-322(in)-301(the)]TJ 18.17791 -3.55327 TD (26)Tj ET endstream endobj 29 0 obj << /Length 3296 >> stream /GS4 gs BT /F4 1 Tf 11.95517 0 0 11.95517 90 700.8 Tm 0 g [(residen)30(tial)-342(real)-331(estate)-331(mark)30(et)-342(in)30(to)-331(a)-321(full)-332(recession.)]TJ 3.01125 -2.01753 TD [(W)81(e)-432(in)30(v)31(estigated)-442(these)-432(concerns)-441(using)-432(a)-422(no)31(v)30(el)-431(approac)30(h)-431(that)-423(fo)-30(cuses)-432(on)-421(banks')]TJ -3.01125 -2.01754 TD [(loan-pricing)-411(p)-31(olicies.)-682(Our)-411(comparison)-412(of)-412(the)-411(spreads)-423(on)-401(loans)-412(of)-401(\frms)-423(that)-402(b)-30(orro)30(w)30(ed)]TJ T* [(b)-30(efore)-261(and)-261(during)-261(the)-261(crisis)-272(from)-261(the)-261(same)-271(bank,)-281(con)31(trolling)-262(for)-251(a)-261(large)-251(n)30(um)30(b)-30(er)-281(of)-251(factors)]TJ T* [(kno)30(wn)-240(to)-231(a\013ect)-231(loan)-230(in)30(terest)-242(rates,)-262(pro)30(vides)-241(strong)-232(evidence)-249(that)-232(loan)-230(spreads)-242(rose)-241(during)]TJ T* [(the)-361(subprime)-372(crisis)-363(and)-361(that)-352(this)-362(increase)-371(w)30(as)-361(larger)-352(for)-351(b)-31(orro)30(w)31(ers)-362(that)-362(to)-31(ok)-351(out)-351(loans)]TJ T* [(from)-382(banks)-392(that)-372(had)-391(sustained)-392(larger)-382(losses)-402(during)-382(the)-381(crisis.)-614(This)-391(\fnding)-392(app)-30(ears)-381(to)]TJ T* [(b)-30(e)-431(bank)-432(driv)30(en)-441(b)-30(ecause)-441(it)-432(holds)-432(when)-441(w)30(e)-431(con)31(trol)-433(for)-422(the)-431(endogeneit)31(y)-452(of)-421(bank)-432(losses.)]TJ T* [(Also)-432(consisten)30(t)-452(with)-442(this)-432(thesis,)-483(w)30(e)-441(\fnd)-431(that)-433(banks)-442(with)-431(larger)-432(losses)-453(increased)-441(loan)]TJ T* [(spreads)-362(on)-341(loans)-352(to)-341(their)-342(bank-dep)-30(enden)31(t)-372(b)-30(orro)30(w)30(ers)-352(but)-351(not)-342(on)-341(loans)-352(to)-341(nondep)-30(enden)31(t)]TJ T* [(b)-30(orro)29(w)31(ers.)-452(These)-341(\fndings,)-341(together)-322(with)-331(the)-331(evidence)-350(that)-332(\frms)-332(b)-30(orro)29(wing)-331(from)-321(banks)]TJ T* [(with)-432(larger)-421(losses)-433(to)-30(ok)-421(out)-422(smaller)-432(loans)-422(during)-422(the)-432(crisis)-432(than)-422(they)-432(did)-431(prior)-423(to)-421(the)]TJ T* [(crisis,)-342(con\frms)-342(that)-322(bank)-331(subprime)-352(losses)-342(a\013ected)-330(the)-332(a)31(v)50(ailabilit)30(y)-341(of)-321(bank)-331(credit.)]TJ 3.01125 -2.01753 TD [(The)-361(exten)31(t)-362(to)-341(whic)30(h)-361(this)-352(decline)-370(in)-352(bank)-351(credit)-351(a\013ected)-361(the)-351(activit)30(y)-362(of)-341(corp)-30(ora-)]TJ -3.01125 -2.01754 TD [(tions)-332(remains)-342(unclear.)-441(Camp)-29(ello,)-331(Graham,)-321(and)-332(Harv)31(ey's)-352((2009))-311(\fnding)-331(that)-332(\fnancially)]TJ T* [(constrained)-422(corp)-30(orations)-422(planned)-421(deep)-30(er)-421(cuts)-422(in)-422(capital)-411(sp)-31(ending)-431(and)-412(in)-411(emplo)31(ymen)30(t)]TJ T* [(during)-352(the)-361(crisis)-362(suggests)-373(that)-352(the)-351(decline)-370(in)-352(the)-361(a)30(v)50(ailabilit)30(y)-361(of)-341(bank)-361(credit)-362(had)-351(an)-351(im-)]TJ T* [(p)-30(ortan)29(t)-261(e\013ect)-280(on)-271(the)-271(lev)30(el)-280(of)-261(economic)-280(activit)30(y)80(.)-431(This)-282(remains)-281(a)-261(fruitful)-272(sub)-51(ject)-280(for)-272(future)]TJ T* [(researc)30(h.)]TJ 18.17791 -17.1842 TD (27)Tj ET endstream endobj 30 0 obj << /Length 3422 >> stream /GS4 gs BT /F10 1 Tf 17.21544 0 0 17.21544 90 700.8 Tm 0 g (References)Tj /F4 1 Tf 11.95517 0 0 11.95517 90 654.96 Tm [(Ashcraft,)-392(Adam)-371(B.,)-381(2005,)-371(\\Are)-371(Banks)-381(Really)-381(Sp)-30(ecial?)-571(New)-370(Evidence)-401(from)-362(the)-381(FDIC-)]TJ 2.49934 -2.01754 TD [(Induced)-301(F)80(ailure)-281(of)-271(Health)31(y)-291(Banks,")]TJ /F12 1 Tf 15.28711 0 Td [(A)20(meric)52(an)-302(Ec)50(onomic)-290(R)50(eview)]TJ /F4 1 Tf 12.24575 0 Td [(95(5),)-281(1712-1730.)]TJ -30.0322 -2.85065 TD [(Berger,)-361(Allen)-361(N.,)-361(and)-351(Gregory)-351(F.)-352(Udell,)-371(1994,)-350(\\Did)-341(Risk-Based)-372(Capital)-351(Allo)-29(cate)-351(Bank)]TJ 2.49934 -2.01754 TD [(Credit)-422(and)-411(Cause)-421(a)-412(`Credit)-421(Crunc)30(h')-432(in)-411(the)-412(United)-421(States?")]TJ /F12 1 Tf 26.78005 0 Td [(Journal)-431(of)-421(Money,)]TJ -26.78005 -2.02757 TD [(Cr)51(e)51(dit)-352(and)-341(Banking)]TJ /F4 1 Tf 8.74266 0 Td [(26,)-321(585-628.)]TJ -11.242 -2.85065 TD 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[(W)84(e)-409(do)-385(not)-398(coun)24(t)-398(priv)60(ately)-385(placed)-397(b)-24(onds)-386(as)-398(a)-385(measure)-386(of)-398(access)-373(to)-398(the)-410(public)-397(b)-24(ond)-398(mark)24(et,)-398(as)-385(w)24(e)]TJ -1.24063 -1.99947 TD [(b)-24(eliev)25(e)-361(priv)59(ate)-373(placemen)25(ts)-363(are)-349(v)24(ery)-361(di\013eren)24(t)-362(from)-362(public)-373(issues.)-544(They)-373(reac)25(h)-349(a)-362(smaller)-362(set)-362(of)-373(in)24(v)24(estors)]TJ 0 -2.01151 TD [(and,)-325(therefore,)-326(do)-337(not)-326(increase)-313(informed)-338(comp)-24(etition)-337(as)-326(m)24(uc)24(h)-325(as)-325(a)-326(public)-337(issue)-338(do)-24(es.)]TJ /F20 1 Tf 6.97385 0 0 6.97385 90 113.64 Tm (15)Tj /F6 1 Tf 9.96264 0 0 9.96264 102.72 110.04 Tm [(W)84(e)-445(treat)-434(the)-434(facilities)-434(in)-434(eac)25(h)-434(deal)-421(as)-434(di\013eren)24(t)-434(loans.)-735(In)-434(the)-446(case)-421(of)-434(facilities)-434(with)-446(m)24(ultiple)-434(lead)]TJ -1.2768 -2.0115 TD [(arrangers,)-471(w)24(e)-457(consider)-458(eac)25(h)-458(facilit)24(y)-458(m)24(ultiple)-470(times)-471(to)-470(capture)-458(di\013erences)-469(across)-435(the)-470(arrangers.)-820(W)84(e)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (31)Tj ET endstream endobj 34 0 obj << /Length 1754 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 90 700.8 Tm 0 g [(in)24(v)24(estigate)-314(the)-337(imp)-24(ortance)-326(of)-337(these)-337(assumptions)-316(in)-337(the)-337(Robustness)-327(section.)]TJ /F20 1 Tf 6.97385 0 0 6.97385 90 684.48 Tm (16)Tj /F6 1 Tf 9.96264 0 0 9.96264 103.08 680.88 Tm [(With)-482(the)-470(exception)-469(of)-458(the)-482(KMV-EDFs)-458(test,)-507(the)-470(robustness)-460(tests)-471(rep)-25(orted)-458(in)-470(section)-470(2.1)-457(do)-458(not)]TJ -1.3129 -1.99947 TD [(apply)-277(in)-289(the)-302(instrumen)23(tal)-277(v)60(ariable)-277(approac)24(h)-253(b)-24(ecause)-289(the)-289(sample)-277(w)24(e)-289(use)-277(in)-289(this)-290(approac)24(h)-265(is)-290(made)-276(of)-290(loan)]TJ 0 -2.01151 TD [(di\013erences.)-422(The)-252(KMV-EDFs)-254(test)-266(do)-24(es)-253(not)-265(apply)-253(b)-24(ecause)-265(w)25(e)-253(con)25(trol)-242(for)-254(this)-266(v)61(ariable)-253(in)-254(the)-265(instrumen)23(tal)]TJ 0 -1.99947 TD [(v)60(ariable)-325(analysis.)]TJ /F20 1 Tf 6.97385 0 0 6.97385 90 604.6801 Tm (17)Tj /F6 1 Tf 9.96264 0 0 9.96264 101.88 600.96 Tm [(W)84(e)-336(\fnd)-350(that)-338(banks)-338(with)-349(larger)-314(increases)-326(in)-337(c)24(harge-o\013s)-314(reduced)-336(the)-338(size)-337(of)-337(their)-338(loans)-338(b)24(y)-337(more)-325(than)]TJ -1.19245 -1.99947 TD [(the)-386(remaining)-361(banks)-374(when)-373(w)24(e)-373(use)-373(an)-374(instrumen)23(tal)-374(v)61(ariable)-374(approac)24(h,)-361(but)-386(in)-374(this)-386(case)-361(w)24(e)-373(do)-373(not)-386(\fnd)]TJ T* [(the)-337(decline)-337(in)-337(the)-338(size)-325(of)-325(loans)-326(to)-325(b)-24(e)-349(statistically)-327(signi\fcan)24(tly)-314(di\013eren)24(t)-338(across)-314(banks.)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (32)Tj ET endstream endobj 35 0 obj << /Length 5738 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 102.12 705.48 Tm 0 g [(T)85(able)-325(1)]TJ 0 -1.28882 TD [(Sample)-325(c)24(haracterization)]TJ /F21 1 Tf 6.97385 0 0 6.97385 206.76 696.2401 Tm (a)Tj ET q 434.28003 0 0 -0.48 96.108 688.908 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 125.28 679.44 Tm [(V)85(ariables)-5433(Before)-325(the)-5228(During)-337(the)-4036(Di\013erence)-2721(t-statistic)]TJ 8.62422 -1.27677 TD [(subprime)-326(crisis)-3338(subprime)-338(crisis)]TJ ET q 434.28003 0 0 -0.48 96.108 662.988 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 255.36 653.52 Tm [(Di\013erences)-337(in)-325(loan)-325(p)-25(olicies)]TJ ET q 434.28003 0 0 -0.48 96.108 649.788 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 102.12 640.32 Tm [(LO)24(AN)-217(SPREAD)-5298(150.138)-6564(170.221)-4612(20.082***)-3902(3.92)]TJ 0 -1.27677 TD [(AMOUNT)-8407(5.589)-7564(8.088)-5383(2.499***)-4155(5.03)]TJ 0 -1.28882 TD [(MA)84(TURITY)-7455(5.133)-7564(4.103)-5709(-1.030*)-4504(1.70)]TJ 0 -1.27677 TD [(SECURED)-8177(0.409)-7564(0.371)-5468(-0.039**)-4239(2.08)]TJ 0 -1.28882 TD [(SENIOR)-9202(0.999)-7564(0.997)-5962(-0.002)-4757(1.02)]TJ 0 -1.27677 TD [(GUARANTOR)-6322(0.124)-7564(0.129)-6130(0.005)-4926(0.41)]TJ 0 -1.28882 TD [(DIVIDENDREST)-5190(0.540)-7564(0.422)-5215(-0.118***)-3986(6.23)]TJ 0 -1.27677 TD [(CORPURPOSES)-5394(0.431)-7564(0.447)-6130(0.016)-4926(0.84)]TJ 0 -1.28882 TD [(DEBTREP)87(A)84(Y)-6757(0.029)-7564(0.009)-5215(-0.020***)-3986(4.92)]TJ 0 -1.27677 TD [(W)24(ORK)25(CAPIT)85(AL)-5264(0.273)-7564(0.182)-5215(-0.091***)-3986(6.00)]TJ 0 -1.28882 TD [(TERMLO)24(AN)-7130(0.230)-7564(0.286)-5383(0.056***)-4155(3.28)]TJ 0 -1.27677 TD [(CREDITLINE)-6660(0.750)-7564(0.673)-5215(-0.077***)-3986(4.32)]TJ 0 -1.28882 TD [(RELA)85(TIONSHIP)-5396(0.425)-7564(0.344)-5215(-0.181***)-3745(10.76)]TJ ET q 434.28003 0 0 -0.48 96.108 483.228 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 250.56 473.88 Tm [(Di\013erences)-337(among)-325(b)-24(orro)23(w)25(ers)]TJ ET q 434.28003 0 0 -0.48 96.108 470.028 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 102.12 460.68 Tm [(A)24(GE)-10623(27.006)-7070(29.252)-5118(2.246***)-4155(3.14)]TJ 0 -1.28882 TD [(SALES)-9648(70.307)-7070(74.341)-5865(4.034)-4926(0.57)]TJ 0 -1.27677 TD [(PR)25(OFMAR)24(GIN)-5975(0.030)-7564(0.076)-5383(0.046***)-3914(10.29)]TJ 0 -1.28882 TD [(INTERESTCO)26(V)-5372(18.528)-7070(22.245)-5371(3.707**)-4408(2.10)]TJ 0 -1.27677 TD [(STOCKV)25(OL)-7119(22.953)-7070(22.284)-5697(-0.669)-4757(1.32)]TJ 0 -1.28882 TD [(EXRETURN)-7261(0.374)-7564(0.129)-5215(-0.245***)-3986(3.00)]TJ 0 -1.27677 TD [(EDF)-10973(1.349)-7564(1.048)-5962(-0.301)-4757(0.98)]TJ T* [(LEVERA)25(GE)-7395(0.303)-7564(0.266)-5215(-0.036***)-3986(5.26)]TJ 0 -1.28882 TD [(T)85(ANGIBLES)-7215(0.723)-7564(0.670)-5215(-0.053***)-3986(4.04)]TJ 0 -1.27677 TD [(AD)24(VER)86(TISING)-5975(0.012)-7564(0.011)-5962(-0.001)-4757(0.72)]TJ 0 -1.28882 TD [(R&D)-10792(0.017)-7564(0.022)-5383(0.005***)-4155(2.77)]TJ 0 -1.27677 TD [(NW)24(C)-10599(9.626)-7323(14.511)-5865(4.886)-4926(1.17)]TJ 0 -1.28882 TD [(MKTOBOOK)-6805(1.746)-7564(1.881)-5383(0.135***)-4155(4.24)]TJ 0 -1.27677 TD [(IGRADE)-8997(0.380)-7564(0.377)-5962(-0.003)-4757(0.14)]TJ 0 -1.28882 TD [(BGRADE)-8647(0.297)-7564(0.277)-5962(-0.020)-4757(1.18)]TJ 0 -1.27677 TD [(BOND)-10069(0.357)-7564(0.277)-5215(-0.080***)-3986(4.60)]TJ ET q 434.28003 0 0 -0.48 96.108 265.188 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 259.2 255.84 Tm [(Di\013erences)-337(among)-313(banks)]TJ ET q 434.28003 0 0 -0.48 96.108 252.108 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 102.12 242.64 Tm [(ASSETS)-8503(7956.705)-5793(13140.309)-3613(5183.604***)-3142(27.43)]TJ 0 -1.27677 TD [(R)24(O)25(A)-10853(0.002)-7564(0.002)-4962(-0.0001***)-3492(25.94)]TJ 0 -1.28882 TD [(R)24(O)25(A)108(V)24(OL)-8829(1.133)-7564(1.954)-5383(0.820***)-3914(12.86)]TJ 0 -1.27677 TD [(DEPOSITS)-7961(0.436)-7564(0.374)-5215(-0.062***)-3986(7.36)]TJ 0 -1.28882 TD [(SUBDEBT)-8177(0.021)-7564(0.024)-5383(0.003***)-3914(14.43)]TJ 0 -1.27677 TD [(CHAR)25(GEOFFS)-5782(0.0008)-7070(0.0012)-4865(0.0004***)-3661(19.19)]TJ 0 -1.28882 TD [(LIQUIDITY)-7601(0.190)-7564(0.151)-5215(-0.039***)-3745(23.63)]TJ 0 -1.27677 TD [(CAPIT)85(AL)-8540(8.116)-7564(8.397)-5383(0.282***)-4155(7.16)]TJ ET q 434.28003 0 0 -0.48 96.108 149.388 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 102.12 140.04 Tm [(Observ)60(ations)-7529(5757)-8106(769)]TJ ET q 434.28003 0 0 -0.48 96.108 136.308 cm /Im1 Do Q BT /F21 1 Tf 6.97385 0 0 6.97385 90 120.48 Tm (a)Tj /F6 1 Tf 9.96264 0 0 9.96264 98.76 116.88 Tm [(Before)-373(the)-398(subprime)-386(crisis)-387(is)-386(the)-397(p)-24(erio)-25(d)-385(of)-385(time)-398(from)-386(the)-398(b)-24(eginning)-385(of)-398(2002)-361(to)-397(the)-386(third)-399(quarter)-374(of)]TJ -0.8793 -0.9877 TD [(2007.)-409(The)-301(subprime)-290(crisis)-290(is)-290(the)-301(p)-24(erio)-24(d)-289(of)-302(time)-301(b)-24(et)24(w)24(een)-288(the)-301(fourth)-303(quarter)-278(of)-301(2007)-264(and)-302(the)-301(end)-289(of)-301(2008.)]TJ /F22 1 Tf T* [(LO)-23(AN)-374(S)-60(P)-145(R)-12(E)-60(AD)]TJ /F6 1 Tf 8.022 0 Td [(:)-542(Loan)-374(spread)-374(o)24(v)25(er)-362(Lib)-24(or)-386(at)-374(origination;)]TJ /F22 1 Tf 18.2602 0 Td 0.108 Tc [(A)108(MO)84(UNT)]TJ /F6 1 Tf 5.0589 0 Td 0 Tc [(:)-542(Loan)-374(amoun)24(t)-373(in)-398(h)24(undreds)-374(of)]TJ -31.3411 -0.9877 TD [(millions)-314(of)-301(dollars;)]TJ /F22 1 Tf 8.3111 0 Td 0.108 Tc [(MA)108(T)-37(UR)97(I)24(T)-37(Y)]TJ /F6 1 Tf 6.155 0 Td 0 Tc [(:)-434(Loan)-301(maturit)23(y)-301(in)-314(y)24(ears;)]TJ /F22 1 Tf 11.3223 0 Td 0.061 Tc [(SE)2(C)-11(U)-47(R)49(E)1(D)]TJ /F6 1 Tf 5.4684 0 Td 0 Tc [(:)-434(Dumm)24(y)-313(v)60(ariable)-301(equal)-301(to)-301(one)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (33)Tj ET endstream endobj 36 0 obj << /Length 8376 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 90 700.8 Tm 0 g [(if)-362(the)-361(loan)-349(is)-350(secured;)]TJ /F22 1 Tf 9.78054 0 Td 0.061 Tc [(SE)2(N)-48(I)-23(O)37(R)]TJ /F6 1 Tf 4.45665 0 Td 0 Tc [(:)-482(Dumm)24(y)-361(v)60(ariable)-349(equal)-349(to)-350(one)-349(if)-361(the)-362(loan)-349(is)-350(senior;)]TJ /F22 1 Tf 23.2589 0 Td [(GU)-108(AR)-12(AN)-108(T)-145(O)-23(R)]TJ /F6 1 Tf 7.04632 0 Td (:)Tj -44.54241 -0.98769 TD [(Dumm)24(y)-349(v)60(ariable)-337(equal)-337(to)-338(one)-349(if)-349(the)-350(b)-24(orro)23(w)25(er)-314(has)-337(a)-337(guaran)23(tor;)]TJ /F22 1 Tf 27.73964 0 Td 0.024 Tc [(DI)-60(V)-205(I)-60(DE)-36(N)-85(DR)12(E)-36(S)-36(T)]TJ /F6 1 Tf 9.09398 0 Td 0 Tc [(:)-446(Dumm)24(y)-349(v)60(ariable)]TJ -36.83361 -0.98769 TD [(equal)-421(to)-434(one)-433(is)-435(the)-433(b)-25(orro)24(w)24(er)-397(b)-25(ecomes)-433(sub)-61(ject)-433(to)-434(dividend)-434(restrictions;)]TJ /F22 1 Tf 32.00356 0 Td 0.024 Tc [(C)-48(OR)12(P)-121(U)-84(R)12(P)-120(OS)-37(E)-36(S)]TJ /F6 1 Tf 8.39537 0 Td 0 Tc [(:)-650(Dumm)24(y)]TJ -40.39893 -0.98769 TD [(v)60(ariable)-337(equal)-337(to)-338(one)-349(if)-349(the)-349(loan)-338(is)-337(for)-338(corp)-24(orate)-326(purp)-25(oses;)]TJ /F22 1 Tf 25.83653 0 Td 0.06 Tc [(D)36(EB)12(T)-85(R)48(EP)-85(A)60(Y)]TJ /F6 1 Tf 7.08246 0 Td 0 Tc [(:)-470(Dumm)24(y)-349(v)60(ariable)-337(equal)-337(to)]TJ -32.91898 -0.98769 TD [(one)-325(if)-337(the)-326(loan)-325(is)-325(to)-338(repa)24(y)-313(existing)-314(debt;)]TJ /F22 1 Tf 17.81455 0 Td 0.072 Tc [(W)-72(O)48(R)60(KCA)72(P)-73(I)-12(T)-73(A)72(L)]TJ /F6 1 Tf 8.564 0 Td 0 Tc [(:)-434(Dumm)24(y)-337(v)60(ariable)-313(equal)-325(to)-325(one)-325(if)-338(the)-337(loan)]TJ -26.37855 -0.98769 TD [(is)-338(for)-325(w)24(orking)-314(capital;)]TJ /F22 1 Tf 9.88894 0 Td [(T)-145(E)-60(R)-12(M)-108(LO)-23(AN)]TJ /F6 1 Tf 6.51635 0 Td [(:)-434(Dumm)24(y)-349(v)60(ariable)-313(equal)-337(to)-337(one)-325(for)-326(term)-338(loans;)]TJ /F22 1 Tf 20.76558 0 Td 0.072 Tc [(CR)60(E)12(D)48(I)-12(T)-73(L)72(I)-11(N)-37(E)]TJ /F6 1 Tf 7.37154 0 Td 0 Tc (:)Tj -44.54241 -0.98769 TD [(Dumm)24(y)-397(v)60(ariable)-386(equal)-397(to)-398(one)-385(for)-398(lines)-385(of)-398(credit;)]TJ /F22 1 Tf 21.94599 0 Td 0.084 Tc [(R)72(E)24(L)84(A)84(T)-60(IO)60(N)-24(S)23(HIP)]TJ /F6 1 Tf 8.84103 0 Td 0 Tc [(:)-554(Dumm)24(y)-398(v)61(ariable)-386(equal)-397(to)-386(one)]TJ -30.78702 -0.98769 TD [(if)-398(the)-397(\frm)-398(also)-374(b)-24(orro)23(w)24(ed)-373(from)-386(the)-397(lender)-386(of)-397(the)-398(curren)24(t)-386(loan)-386(during)-386(the)-397(last)-387(y)25(ear;)]TJ /F22 1 Tf 36.95406 0 Td (AGE)Tj /F6 1 Tf 2.32468 0 Td [(:)-578(Age)-385(of)-397(the)]TJ -39.27874 -0.98769 TD [(b)-24(orro)23(w)25(er)-374(in)-410(y)24(ears;)]TJ /F22 1 Tf 8.46764 0 Td [(S)-61(ALE)-59(S)]TJ /F6 1 Tf 3.57736 0 Td [(:)-590(Sales)-398(in)-410(h)25(undreds)-399(of)-409(millions)-399(of)-409(dollars;)]TJ /F22 1 Tf 18.91065 0 Td 0.145 Tc [(PR)133(O)121(FM)37(A)145(R)134(G)145(I)61(N)]TJ /F6 1 Tf 7.93765 0 Td 0 Tc [(:)-590(Net)-410(income)]TJ -38.8933 -1.04791 TD [(o)24(v)24(er)-253(sales;)]TJ /F22 1 Tf 4.66142 0 Td 0.06 Tc [(I)-24(N)-48(T)-85(ER)48(EST)-85(C)-12(O)36(V)]TJ /F6 1 Tf 8.299 0 Td 0 Tc [(:)-410(In)24(terest)-266(co)24(v)25(erage)-241(ratio)-266($EBITD)25(A)-277(divided)-277(b)24(y)-265(in)24(terest)-266(exp)-24(ense$)-277(truncated)]TJ -12.96042 -1.09609 TD [(at)-374(0)-373($for)-374(\frms)-375(with)-386(no)-361(in)24(terest)-374(exp)-24(ense,)-386(this)-386(v)60(ariable)-361(is)-374(set)-374(equal)-373(to)-374(the)-386(log)-361(of)-373(1)-373(plus)-387(earnings)-349(b)-25(efore)]TJ 0 -1.10814 TD [(taxes)-338(and)-337(depreciation.$;)]TJ /F22 1 Tf 11.17776 0 Td 0.061 Tc [(ST)-83(O)37(C)-11(K)-12(V)-156(O)38(L)]TJ /F6 1 Tf 6.16704 0 Td 0 Tc [(:)-470(Standard)-338(deviation)-337(of)-338(the)-349(b)-24(orro)23(w)24(er's)-313(sto)-25(c)24(k)-337(return,)-339(computed)]TJ -17.3448 -1.09609 TD [(o)24(v)24(er)-458(the)-482(365)-457(da)24(ys)-470(b)-24(efore)-470(the)-482(loan)-469(date)-482($m)23(ultiplied)-494(b)24(y)-470(1,000$;)]TJ /F22 1 Tf 28.57074 0 Td 0.06 Tc [(EX)-24(R)48(ET)-85(U)-48(R)48(N)]TJ /F6 1 Tf 6.49226 0 Td 0 Tc [(:)-711(Return)-470(on)-482(the)-482(b)-24(or-)]TJ -35.063 -1.09609 TD [(ro)24(w)24(er's)-326(sto)-25(c)25(k)-350(o)25(v)24(er)-326(the)-361(mark)24(et)-338(return,)-350(computed)-362(o)24(v)25(er)-326(the)-361(365)-337(da)24(ys)-338(b)-24(efore)-349(the)-350(loan)-349(date)-349($m)23(ultiplied)-361(b)24(y)]TJ 0 -1.10814 TD (1,000$;)Tj /F22 1 Tf 3.36056 0 Td [(LE)-60(V)-217(E)-59(R)-12(AGE)]TJ /F6 1 Tf 6.16704 0 Td [(:)-554(Debt)-398(o)25(v)24(er)-374(assets;)]TJ /F22 1 Tf 8.7808 0 Td [(T)-145(AN)-108(GI)-84(B)-48(LE)-59(S)]TJ /F6 1 Tf 6.66088 0 Td [(:)-530(Share)-386(of)-385(the)-386(b)-24(orro)23(w)25(er's)-350(assets)-375(in)-398(tangibles;)]TJ /F22 1 Tf -24.96928 -1.03587 TD 0.06 Tc [(A)60(D)36(V)-169(ER)48(T)-85(I)-24(SI)-24(N)-48(G)]TJ /F6 1 Tf 8.11833 0 Td 0 Tc [(:)-542(Adv)24(ertising)-386(exp)-24(enses)-374(o)24(v)24(er)-373(sales;)]TJ /F22 1 Tf 15.33328 0 Td (R)Tj /F6 1 Tf 0.77088 0 Td (&)Tj /F22 1 Tf 0.78292 0 Td (D)Tj /F6 1 Tf 0.8552 0 Td [(:)-542(Researc)24(h)-373(and)-386(dev)25(elopmen)24(t)-385(exp)-24(enses)-386(o)24(v)24(er)]TJ -25.86061 -0.99974 TD (sales;)Tj /F22 1 Tf 2.62581 0 Td 0.108 Tc [(NW)-36(C)]TJ /F6 1 Tf 2.78239 0 Td 0 Tc [(:)-446(Net)-337(w)25(orking)-314(capital,)-325(computed)-337(as)-326(the)-338(ratio)-325(b)-25(et)24(w)25(een)-337(curren)24(t)-314(assets)-327(less)-325(curren)23(t)-325(liabilities)]TJ -5.40821 -0.98769 TD [(and)-410(total)-398(debt;)]TJ /F22 1 Tf 7.15473 0 Td 0.024 Tc [(M)-84(K)-49(T)-120(OB)-24(OOK)]TJ /F6 1 Tf 6.82952 0 Td 0 Tc [(:)-590(Mark)23(et)-398(to)-409(b)-25(o)-24(ok)-397(v)60(alue;)]TJ /F22 1 Tf 11.25003 0 Td [(I)-84(GR)-12(AD)-24(E)]TJ /F6 1 Tf 4.4687 0 Td [(:)-590(Dumm)24(y)-422(v)60(ariable)-397(equal)-397(to)-410(one)-409(if)]TJ -29.70297 -0.98769 TD [(the)-398(b)-24(orro)24(w)24(er)-350(is)-386(rated)-385(in)23(v)25(estmen)23(t)-386(grade;)]TJ /F22 1 Tf 17.97114 0 Td [(B)-48(GR)-12(AD)-24(E)]TJ /F6 1 Tf 4.75777 0 Td [(:)-566(Dumm)24(y)-398(v)61(ariable)-374(equal)-385(to)-386(one)-385(if)-397(the)-398(b)-24(orro)23(w)24(er)-349(is)]TJ -22.72891 -0.98769 TD [(rated)-386(b)-24(elo)24(w)-373(in)24(v)24(estmen)24(t)-386(grade;)]TJ /F22 1 Tf 13.75539 0 Td 0.048 Tc [(BO)24(N)-60(D)]TJ /F6 1 Tf 3.36056 0 Td 0 Tc [(:)-566(Dumm)24(y)-398(v)61(ariable)-374(equal)-385(to)-386(one)-385(if)-385(the)-398(b)-24(orro)23(w)25(er)-350(issued)-386(at)-386(least)]TJ -17.11594 -0.98769 TD [(once)-349(in)-373(the)-362(three-y)24(ear)-337(p)-25(erio)-24(d)-361(prior)-338(to)-362(the)-374(loan)-349(and)-361(its)-362(most)-351(recen)25(t)-362(b)-24(ond)-362(issue)-350(prior)-350(to)-361(the)-362(loan)-361(w)24(as)-338(a)]TJ T* [(public)-397(issue;)]TJ /F22 1 Tf 5.82978 0 Td 0.06 Tc [(A)60(SS)-1(ET)-85(S)]TJ /F6 1 Tf 4.30006 0 Td 0 Tc [(:)-542(Bank)-385(assets)-387(in)-398(h)24(undreds)-386(of)-385(millions)-399(of)-385(dollars;)]TJ /F22 1 Tf 21.80145 0 Td 0.012 Tc [(RO)-12(A)]TJ /F6 1 Tf 2.30059 0 Td 0 Tc [(:)-578(Bank)-385(net)-398(income)-385(o)24(v)25(er)]TJ -34.23189 -0.98769 TD (assets;)Tj /F22 1 Tf 3.15579 0 Td 0.024 Tc [(R)12(OA)24(V)-217(OL)]TJ /F6 1 Tf 4.58914 0 Td 0 Tc [(:)-482(Standard)-350(deviation)-337(of)-350(the)-361(bank)-350(quarterly)-338(R)24(O)25(A)-337(computed)-362(o)24(v)25(er)-326(the)-361(last)-351(three)-349(y)24(ears)]TJ -7.74494 -1.04791 TD [($m)24(ultiplied)-459(b)24(y)-445(1,000$;)]TJ /F22 1 Tf 10.21416 0 Td 0.024 Tc [(DE)-36(P)-121(OS)-37(I)-59(T)-121(S)]TJ /F6 1 Tf 5.81773 0 Td 0 Tc [(:)-663(Bank)-445(dep)-24(osits)-447(o)25(v)24(er)-422(assets;)]TJ /F22 1 Tf 13.22541 0 Td 0.061 Tc [(SU)-46(B)12(D)37(E)1(B)13(T)]TJ /F6 1 Tf 5.46843 0 Td 0 Tc [(:)-663(Sub)-24(debt)-470(o)24(v)25(er)-422(assets;)]TJ /F22 1 Tf -34.72573 -1.04791 TD [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 7.8172 0 Td [(:)-590(Net)-410(c)25(harge-o\013s)-374(o)24(v)24(er)-386(assets;)]TJ /F22 1 Tf 13.32177 0 Td [(LI)-83(QU)-108(I)-84(D)-25(I)-84(T)-144(Y)]TJ /F6 1 Tf 6.20317 0 Td [(:)-578(Bank)-397(cash)-398(plus)-410(securities)-387(o)25(v)24(er)-386(assets;)]TJ /F22 1 Tf -27.34215 -0.98769 TD [(C)-72(AP)-145(I)-84(T)-144(AL)]TJ /F6 1 Tf 4.99868 0 Td [(:)-434(Bank)-324(equit)23(y)-325(capital)-337(o)24(v)24(er)-301(assets.)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (34)Tj ET endstream endobj 37 0 obj << /Length 3907 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 101.88 702.6 Tm 0 g [(T)85(able)-325(2)]TJ 0 -1.39722 TD [(Bank)-313(losses)-326(and)-325(loan)-325(spreads:)-435(Univ)60(ariate)-325(analysis)]TJ /F21 1 Tf 6.97385 0 0 6.97385 318.72 692.28 Tm (a)Tj ET q 434.76001 0 0 -0.48 95.868 684.588 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 116.16 674.28 Tm [(Loan)-325(date)]TJ ET q 0.48 0 0 -14.04 180.108 684.108 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 206.64 674.28 Tm [(Banks)-313(with)-338(lo)24(w)-5058(Banks)-325(with)-338(high)]TJ ET q 0.48 0 0 -14.04 419.988 684.108 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 426.12 674.28 Tm (Di\013erence)Tj ET q 0.48 0 0 -14.04 475.188 684.108 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 482.16 674.28 Tm (t-statistic)Tj ET q 0.48 0 0 -14.04 180.108 670.188 cm /Im1 Do Q BT /F22 1 Tf 9.96264 0 0 9.96264 201.36 660.36 Tm [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)-4276(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ ET q 0.48 0 0 -14.04 419.988 670.188 cm /Im1 Do Q q 0.48 0 0 -14.04 475.188 670.188 cm /Im1 Do Q q 434.76001 0 0 -0.48 95.868 656.268 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 101.88 645.96 Tm [(During)-326(the)-337(crisis)]TJ ET q 0.48 0 0 -14.04 180.108 655.788 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 224.04 645.96 Tm [(151.813)-8720(185.354)]TJ ET q 0.48 0 0 -14.04 419.988 655.788 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 426.48 645.96 Tm (33.541***)Tj ET q 0.48 0 0 -14.04 475.188 655.788 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 494.16 645.96 Tm (2.88)Tj -39.25465 -1.39722 TD [(Before)-325(the)-337(crisis)]TJ ET q 0.48 0 0 -14.04 180.108 641.868 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 224.04 632.04 Tm [(145.713)-8720(152.593)]TJ ET q 0.48 0 0 -14.04 419.988 641.868 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 436.44 632.04 Tm (6.880)Tj ET q 0.48 0 0 -14.04 475.188 641.868 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 494.16 632.04 Tm (1.37)Tj ET q 434.76001 0 0 -0.48 95.868 627.828 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 116.4 617.64 Tm (Di\013erence)Tj ET q 0.48 0 0 -14.04 180.108 627.468 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 228.96 617.64 Tm [(6.100)-8744(32.761***)]TJ ET q 0.48 0 0 -14.04 419.988 627.468 cm /Im1 Do Q q 0.48 0 0 -14.04 475.188 627.468 cm /Im1 Do Q q 434.76001 0 0 -0.48 95.868 613.428 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 117.24 603.2401 Tm (t-statistic)Tj ET q 0.48 0 0 -14.04 180.108 613.068 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 231.48 603.2401 Tm [(0.72)-10238(3.47)]TJ ET q 0.48 0 0 -14.04 419.988 613.068 cm /Im1 Do Q q 0.48 0 0 -14.04 475.188 613.068 cm /Im1 Do Q q 434.76001 0 0 -0.48 95.868 599.148 cm /Im1 Do Q BT /F21 1 Tf 6.97385 0 0 6.97385 90 583.44 Tm (a)Tj /F6 1 Tf 9.96264 0 0 9.96264 98.64 579.72 Tm [(Banks)-373(with)-386(lo)24(w)]TJ /F22 1 Tf 7.26313 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.20265 0 Td [(are)-373(those)-374(banks)-386(with)]TJ /F22 1 Tf 9.636 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.20264 0 Td [(b)-24(elo)24(w)-385(the)-385(\frst)-387(tercile)-374(of)]TJ -34.17167 -0.79497 TD [(the)-398(distribution)-411(of)]TJ /F22 1 Tf 8.50377 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.22674 0 Td [(during)-398(the)-398(crisis.)-627(Banks)-386(with)-410(high)]TJ /F22 1 Tf 15.83917 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.21469 0 Td [(are)-385(those)]TJ -40.78437 -0.98769 TD [(banks)-350(with)]TJ /F22 1 Tf 5.1914 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.17855 0 Td [(ab)-24(o)24(v)24(e)-337(the)-361(second)-349(tercile)-350(of)-361(the)-349(distribution)-364(of)]TJ /F22 1 Tf 20.41628 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.1906 0 Td (during)Tj -41.97683 -0.98769 TD [(the)-337(crisis.)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (35)Tj ET endstream endobj 38 0 obj << /Length 5350 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 96.6 703.92 Tm 0 g [(T)85(able)-325(3)]TJ 0 -1.22859 TD [(Impact)-338(of)-325(bank)-337(subprime)-326(losses)-315(on)-337(corp)-24(orate)-314(loan)-313(spreads)]TJ /F21 1 Tf 6.97385 0 0 6.97385 349.56 695.4 Tm (a)Tj ET q 445.20001 0 0 -0.48 90.588 688.188 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 130.68 679.2 Tm [(V)85(ariables)-7601((1))-5036((2))-5036((3))-5035((4))-5036((5))]TJ ET q 445.20001 0 0 -0.48 90.588 675.588 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 96.6 666.6 Tm [(CRISIS)-10251(39.231***)-2986(5.030)-3758(13.663)-3504(11.378)-3505(11.145)]TJ 14.40582 -1.22859 TD [((4.89))-3747((0.38))-3746((0.99))-3747((0.87))-3746((0.84))]TJ -14.40582 -1.21654 TD [(CHAR)25(GEOFFS)]TJ /F21 1 Tf 6.97385 0 0 6.97385 166.68 645.84 Tm (b)Tj /F6 1 Tf 9.96264 0 0 9.96264 296.88 642.2401 Tm [(14.273**)-3239(9.040)-4011(6.926)-4011(6.659)]TJ 0.6143 -1.22859 TD [((2.39))-3747((1.37))-3746((1.18))-3747((1.14))]TJ -20.7174 -1.21654 TD [(CRISIS)-338(x)-337(CHAR)25(GEOFFS)]TJ /F21 1 Tf 6.97385 0 0 6.97385 211.44 621.48 Tm (b)Tj /F6 1 Tf 9.96264 0 0 9.96264 296.88 617.88 Tm [(23.372**)-2493(27.087**)-2492(25.256**)-2493(26.420**)]TJ 0.6143 -1.22859 TD [((1.97))-3747((1.96))-3746((2.04))-3747((2.19))]TJ -20.7174 -1.21654 TD [(LA)24(GE)-11057(-45.721*)-2661(-44.752*)-3072(10.961)-3757(9.400)-3758(15.787)]TJ 14.40582 -1.22859 TD [((1.88))-3747((1.85))-3746((0.36))-3747((0.30))-3746((0.49))]TJ -14.40582 -1.21654 TD [(LASALES)-8829(-27.070***)-1902(-25.695**)-2903(-9.849)-3673(-5.493)-3674(-3.315)]TJ 14.40582 -1.22859 TD [((2.63))-3747((2.51))-3746((0.98))-3747((0.58))-3746((0.32))]TJ -14.40582 -1.21654 TD [(LEVERA)25(GE)-8118(55.952**)-2745(48.951*)-3240(34.958)-3504(31.280)-3505(29.917)]TJ 14.40582 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[(dep)-24(enden)25(t.)-591(In)-374(mo)-24(dels)-374(3)-373(and)-373(4,)-386(b)-24(orro)24(w)24(ers)-350(are)-361(classi\fed)-374(as)-362(bank)-373(dep)-24(enden)24(t)-386(if)-385(they)-374(b)-24(orro)23(w)25(ed)-361(from)-374(the)]TJ 0 -0.99974 TD [(lender)-313(of)-325(the)-326(curren)24(t)-302(loan)-313(o)24(v)25(er)-302(the)-325(last)-314(y)24(ear;)-313(otherwise)-302(they)-325(are)-313(classi\fed)-302(as)-313(nondep)-24(enden)24(t.)-446(All)-325(mo)-24(dels)]TJ 0 -0.98769 TD [(are)-349(estimated)-362(with)-362(robust)-351(standard)-351(errors)-338(clustered)-350(b)24(y)-361(\frm)-362(as)-350(w)24(ell)-349(as)-362(b)24(y)-349(bank.)-518(Robust)-362(t-statistics)-364(in)]TJ 0 -1.03587 TD [(paren)24(theses.)-435(*)-325(signi\fcan)24(t)-325(at)-326(10%;)-325(**)-325(signi\fcan)24(t)-314(at)-337(5%;)-326(***)-325(signi\fcan)24(t)-313(at)-338(1%.)]TJ /F21 1 Tf 6.97385 0 0 6.97385 90 321.12 Tm (b)Tj /F6 1 Tf 9.96264 0 0 9.96264 97.32 317.52 Tm [(Co)-24(e\016cien)25(t)-337(on)]TJ /F22 1 Tf 6.33567 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.15446 0 Td [(is)-326(scaled)-325(b)24(y)-337(1,000.)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (43)Tj ET endstream endobj 46 0 obj << /Length 3558 >> stream /GS4 gs BT /F6 1 Tf 9.96264 0 0 9.96264 103.8 702.6 Tm 0 g [(T)85(able)-325(8)]TJ 0 -1.39722 TD [(Impact)-326(of)-337(bank)-325(losses)-326(on)-326(loan)-325(amoun)24(ts)]TJ /F21 1 Tf 6.97385 0 0 6.97385 273.48 692.28 Tm (a)Tj ET q 430.20001 0 0 -0.48 98.148 684.588 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 209.76 674.28 Tm [(V)85(ariables)-13190((1))-4470((2))-4481((3))]TJ ET q 430.20001 0 0 -0.48 98.148 670.188 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 103.8 659.88 Tm [(CRISIS)-23139(-0.207***)-2517(0.069)-3444(0.015)]TJ 27.20965 -1.39722 TD [((3.32))-3180((0.72))-3181((0.13))]TJ -27.20965 -1.39722 TD [(CHAR)25(GEOFFS)-25644(-59.289)-2602(-70.019)]TJ 32.95512 -1.40926 TD [((1.38))-3180((1.43))]TJ -32.95512 -1.39722 TD [(CRISIS)-338(x)-325(CHAR)25(GEOFFS)-20163(-210.738***)-1084(-168.889*)]TJ 32.95512 -1.40926 TD [((3.10))-3180((1.87))]TJ -32.95512 -1.39722 TD [(FIRM)-338(CONTR)25(OLS)-19284(IN)-4638(IN)-4637(IN)]TJ 0 -1.40926 TD [(BANK)-324(CONTR)25(OLS)-18767(NO)-4215(NO)-4420(IN)]TJ 0 -1.39722 TD [(TREND)-24281(IN)-4638(IN)-4637(IN)]TJ 0 -1.40926 TD [(Constan)24(t)-22441(-3.191***)-1601(-3.216***)-1590(-3.835***)]TJ 27.20965 -1.39722 TD [((4.76))-3180((4.71))-3181((2.82))]TJ ET q 430.20001 0 0 -0.48 98.148 516.108 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 103.8 505.8 Tm [(Firm-bank)-327(\fxed)-325(e\013ects)-17417(YES)-3769(YES)-3758(YES)]TJ ET q 430.20001 0 0 -0.48 98.148 501.708 cm /Im1 Do Q BT /F6 1 Tf 9.96264 0 0 9.96264 103.8 491.4 Tm [(Observ)60(ations)-21815(6526)-3721(6526)-3734(6526)]TJ 0 -1.39722 TD [(R-squared)-23139(0.89)-3951(0.89)-3962(0.89)]TJ ET q 430.20001 0 0 -0.48 98.148 473.388 cm /Im1 Do Q BT /F21 1 Tf 6.97385 0 0 6.97385 90 457.56 Tm (a)Tj /F6 1 Tf 9.96264 0 0 9.96264 98.28 453.96 Tm [(Dep)-24(enden)25(t)-350(v)60(ariable)-337(is)]TJ /F22 1 Tf 9.82872 0 Td [(LAM)-107(O)-24(U)-108(N)-109(T)-84(;)]TJ /F6 1 Tf 6.29953 0 Td [(the)-349(log)-338(of)-337(the)-349(loan)-337(amoun)24(t.)]TJ /F22 1 Tf 12.49067 0 Td 0.084 Tc [(C)12(R)72(IS)24(IS)]TJ /F6 1 Tf 4.27597 0 Td 0 Tc [(is)-338(a)-337(dumm)24(y)-349(v)60(ariable)-338(that)]TJ -33.726 -1.03587 TD [(tak)24(es)-253(the)-265(v)60(alue)-265(of)-253(one)-264(for)-254(loans)-253(tak)24(en)-253(out)-266(during)-253(the)-277(subprime)-254(crisis)-254($fourth)-267(quarter)-254(of)-265(2007)-228(and)-265(full)-278(y)25(ear)]TJ 0 -1.10814 TD [(of)-277(2008$.)]TJ /F22 1 Tf 4.17962 0 Td [(C)-72(H)-84(AR)-12(GE)-60(O)-24(F)-145(F)-145(S)]TJ /F6 1 Tf 8.10629 0 Td [(is)-278(net)-289(c)25(harge-o\013s)-254(o)24(v)24(er)-253(assets.)-423(See)-276(table)-278(3)-276(for)-278(the)-277(list)-290(of)-277(v)60(ariables)-266(included)-288(in)]TJ -12.2859 -1.03587 TD [(the)-241(sets)]TJ /F22 1 Tf 3.49305 0 Td 0.145 Tc [(FI)61(R)133(M)1(C)73(O)121(N)37(TR)133(O)121(L)145(S)]TJ /F6 1 Tf 9.53964 0 Td 0 Tc (and)Tj /F22 1 Tf 1.84289 0 Td [(B)-48(AN)-108(K)-109(C)-72(O)-24(N)-108(T)-145(R)-12(O)-24(LS:)]TJ /F6 1 Tf 10.00939 0 Td [(All)-241(de\fnitions)-241(of)-241(the)-241(indep)-24(enden)24(t)-253(v)60(ariables)-217(are)]TJ -24.88497 -0.99974 TD [(rep)-24(orted)-266(in)-277(table)-265(1.)-422(All)-276(mo)-25(dels)-277(are)-253(estimated)-278(with)-277(robust)-266(standard)-267(errors)-242(clustered)-266(b)24(y)-277(\frm)-265(as)-266(w)25(ell)-265(as)-265(b)24(y)]TJ 0 -1.03587 TD [(bank.)-410(Robust)-241(t-statistics)-244(in)-241(paren)24(theses.)-399(*)-228(signi\fcan)24(t)-242(at)-229(10%;)-265(**)-229(signi\fcan)24(t)-229(at)-241(5%;)-277(***)-217(signi\fcan)24(t)-229(at)-241(1%.)]TJ /F4 1 Tf 11.95517 0 0 11.95517 307.32 61.2 Tm (44)Tj ET endstream endobj 47 0 obj << /Nums[0<>] >> endobj 48 0 obj << /BaseEncoding/MacRomanEncoding /Differences[66/B 97/a/b/c 101/e/f/g/h/i 107/k/l/m/n/o/p 114/r/s/t/u 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