Academic Research

Debt Markets

“High-Yield Debt Covenants and Their Real Effects” (with Falk Bräuning and Ali K. Ozdagli), Working Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3979835

“Bank Balance Sheet Constraints and Bond Liquidity” (with J. Breckenfelder), Working Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3858543

“Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending” (with B. Becker), American Economics Review (Papers and Proceedings), 2022, forthcoming.

“Loan Types and the Banking Lending Channel” (with Luc Laeven and E. Moral-Benito), Journal of Monetary Economics, 2022 (126): 171-187.
https://www.nber.org/papers/w27056

“Disruption and Credit Markets” (with B. Becker), Journal of Finance, 2022, forthcoming
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3327798

“Large Banks and Small Firm Lending” (with V. Bord and R. Taliaferro), Journal of Financial Intermediation, 2021 (48)
https://www.nber.org/papers/w25184

“Financial Repression in the European Sovereign Debt Crisis” (with B. Becker), Review of Finance, 2018 (1): 83-115
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2429767

“Reaching for Yield in the Bond Market” (with B. Becker), Journal of Finance, 2015 (70): 1863–1902
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2429767

“Cyclicality of Credit Supply: Firm Level Evidence” (with B. Becker), Journal of Monetary Economics, 2014 (62): 76–93
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1572699

“Bank Lending during the Financial Crisis of 2008” (with D. Scharfstein), Journal of Financial Economics, 2010 (97): 319–338
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1297337

“Trade Creditor’s Information Advantage” (with B. Iverson), Working Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3108646

“The Ownership and Trading of Debt Claims in Chapter 11 Restructurings” (with B. Iverson and D. Smith), Journal of Financial Economics, 2016 (119): 316–335
https://www.hbs.edu/faculty/Publication%20Files/IIS_Draft_20150313_bc5b20d6-73c7-404b-be75-860ef8937099.pdf

“Bank Debt and Corporate Governance” (with V. Nair, A. Saunders, N. Massoud, and R. Stover), Review of Financial Studies, 2008 (22): 41–77
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=557082

Leveraged Loan Market, and Syndication and Securitization in the Corporate Loan Market

“Weak Covenants” (with B. Vallee), Working Paper
https://www.hbs.edu/faculty/Publication%20Files/Ivashina_Vallee_december18_4b535150-5605-418d-8600-63908f6103ad.pdf

“Covenant-Light Contracts and Creditor Coordination” (with B. Becker), Working Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2756926

“Securitization without Adverse Selection: The Case of CLOs” (with E. Benmelech and J. Dlugosz), Journal of Financial Economics, 2012 (106): 91–113
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1344068

“Institutional Stock Trading on Loan Market Information” (with Z. Sun), Journal of Financial Economics, 2011 (100): 284–303.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=972044

“Institutional Demand Pressure and the Cost of Corporate Loans” (with Z. Sun), Journal of Financial Economics, 2011 (99): 500–522
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1299300

“Loan Syndication and Cyclicality” (with D. Scharfstein), American Economics Review (Papers and Proceedings), 2010 (100): 57–61
https://www.hbs.edu/faculty/Publication%20Files/Loan%20Syndication%20and%20Credit%20Cycles_6e25b50e-7463-43f2-b59a-f2305846d51d.pdf

“Asymmetric Information Effects on Loan Spreads,” Journal of Financial Economics, 2009 (92): 300–319.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=849726

Global Banks and Dollar-Denominated Credit

“Why is Dollar Debt Cheaper?” (with B. Gutiérrez and J. Salomao), Working Paper
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3599475

“Monetary Policy and Global Banking” (with F. Bräuning), Journal of Finance, forthcoming
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2801304

“U.S. Monetary Policy and Emerging Market Credit Cycles” (with F. Bräuning), Journal of Monetary Economics, forthcoming
https://www.hbs.edu/faculty/Publication%20Files/US%20Monetary%20policy%20NBER%20working%20paper_a9062fb4-13f5-4586-8160-21114988d4ca.pdf

“Dollar Funding and the Lending Behavior of Global Banks” (with D. Scharfstein and J. Stein), Quarterly Journal of Economics, 2015 (130): 1241–1281
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2196973

Private Equity and Alternative Investments

“No Alternatives: Pension Investments around the World, 2008 to 2017” (with J. Lerner)

“Disruption and Credit Markets” (with B. Becker), Journal of Finance, 2022, forthcoming

“Pay Now or Pay Later?: The Economics and Performance of the Private Equity Partnership” (with J. Lerner), Journal of Financial Economics, 2019 (131): 61-87
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2757039

“The Disintermediation of Financial Markets: Direct Investing in Private Equity” (with L. Fang and J. Lerner), Journal of Financial Economics, 2015 (116): 160–178
https://www.hbs.edu/faculty/Publication%20Files/Draft_20140903%20ssrn_993c7c8c-0206-4475-8d89-06746f288bdf.pdf

“Combining Banking with Private Equity Investing” (with L. Fang and J. Lerner), Review of Financial Studies, 2013 (26): 2137–2173
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1571921

“The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking” (with A. Kovner), Review of Financial Studies, 2011 (24): 2462–2498
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1017857