Sep 2026· IMF Working Papers· Vol 2026, pp. 1· 0 citations
Abstract
We study how banking crises reshape nonbank financial institutions’ (NBFIs) role in corporate debt markets using primary-market syndicated loans and corporate bonds over 1990–2025. We find that NBFI cyclicality is function-specific: NBFIs contract syndicated loans relative to banks but expand corporate bond underwriting, especially through bank-affiliated NBFIs. Firms with stronger pre-crisis NBFI underwriting relationships are more likely to switch from loans to bonds, raise more bond financing, experience smaller declines in total borrowing, and exhibit stronger crisis outcomes. This reconciles competing views of nonbank cyclicality: NBFIs may amplify stress as loan-market risk bearers while preserving market access as bond underwriters.
This study examines how the COVID-19 crisis reshaped the determinants of capital structure among Portuguese industrial small and medium-sized enterprises (SMEs). Using firm-level and macroeconomic data from 7,006 SMEs over 2016–2023, we estimated a fixed-effects panel model with robust standard errors. Before the pande...
Bruna Ferreira, J. Mota, Luís Pacheco· Mercados y Negocios· 0 citations
This paper examines how firm-level investment responds to corporate indebtedness following financial shocks. We treat the 2008 Global Financial Crisis as an experiment and analyze a panel of listed Turkish non-financial firms over 2004–2021. We find that firms with higher leverage entering the crisis invested significa...
Buket Alkan, Serkan Demirkılıç· Anadolu Üniversitesi İktisad...· 0 citations
This study examines how COVID-19 changed corporate loan portfolio strategies in Korea, focusing on differences between banks and non-bank financial institutions using firm-level micro transaction data. Comparing pre- and post-pandemic periods, we find clear sectoral differences in risk management. After COVID-19, banks...
Dongwoo Kim· Dongguk Business Research In...· 0 citations
This article examines the dynamic interplay between syndicated loan and equity markets. We find that loan price changes predict stock returns up to three months ahead. The information lead is most pronounced when secondary loan market quotes are highly informative, especially for high-risk borrowers, actively monitored...
Ivo Reck· The Journal of Private Marke...· 0 citations
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