Jing Wang

TL;DR: In this article, a large sample of private debt renegotiations from 1996 to 2011 was used to show that even in the absence of any covenant violation, debt covenants are frequently renegotiated, and that these renegotiations primarily relax existing restrictions and result in economically large changes in existing limits.

TL;DR: Using the staggered and reciprocal passage of interstate bank deregulation as an exogenous variation in the degree of bank integration, this work investigates how and why bank integration influences the structure of the banking system.

TL;DR: This paper found that firms in higher centrality customer industries use more trade credit and suppliers in lower centrality supplier industries provide less trade credit than other firms, and the evidence from examining the interest rates of accounts receivable and two negative liquidity shocks suggests that central industries' high likelihood to propagate liquidity shocks grants them advantages in trade credit negotiations.