Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 27, 2017 erstellt
Description:
Using a large contract-level, high frequency database of bank loan commitments from June 2007 to May 2009, we fi nd that fi rms' takedown behavior regarding credit lines is very di erent depending on the fi rms' creditworthiness. Usage patterns of rms with poor credit quality are more closely associated with credit spreads, a measure of market liquidity level. Meanwhile, those of rms with good credit quality are more closely related to the market interest rates, a key determinant of cost of using loan commitments. This contrast suggests that the availability of funds is more important than the cost of funds for rms with limited access to external fi nancing. We discuss this finding's implications for the bank lending channel and procyclical bank regulatory capital