Why Do Firms Borrow Directly from Nonbanks?
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Analyzing hand-collected credit agreements data for a random sample of middle-market firms during 2010-2015, we find that a third of all loans is extended directly by nonbank financial intermediaries. Nonbanks lend to less profitable and more levered firms that undergo larger changes in size around
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美国国家经济研究局创建时间：
2019-11-01
