Replication Data for "What's in a Debt? Rating Agency Methodologies and Firms' Financing and Investment Decisions"

Harvard Dataverse · 2026-05-19

You can find the replication code and data structure at https://github.com/cesare-fracassi/whats-in-a-debt

Automated Market Making with Continuity: Liquidity, Price Discovery, and Adverse Selection

SSRN Electronic Journal · 2026-01-01

Adverse Selection in Corporate Loan Markets

The Journal of Finance · 2025-12-09 · 1 citations

ABSTRACT Theories of competition typically predict a positive relationship between market concentration and prices. However, in loan markets, adverse selection can reverse this relationship as riskier borrowers become more likely to receive funding. Using supervisory data, we show that interest rates, borrower risk, and lending volume are higher in markets with more banks. We also create a novel measure of markup that is orthogonal to borrower risk, and find that, consistent with adverse selection, markups are higher after repeated borrowing relationships. Finally, we use a shock to large banks' lending costs to provide further support for the adverse selection channel.

No Country for Dirty Money? The Economic Footprint of Anti-Money Laundering Standards

SSRN Electronic Journal · 2025-01-01

Decentralized Crypto Governance? Transparency and Concentration in Ethereum Decision-Making

SSRN Electronic Journal · 2024-01-01 · 10 citations

Barbarians at the Store? Private Equity, Products, and Consumers

The Journal of Finance · 2022 · 87 citations

• Business
• Monetary economics
• Finance

ABSTRACT We investigate the effects of private equity firms on product markets using price and sales data for an extensive number of consumer products. Following a private equity deal, target firms increase retail sales of their products 50% more than matched control firms. Price increases—roughly 1% on existing products—do not drive this growth; the launch of new products and geographic expansion do. Competitors reduce their product offerings and marginally raise prices. Cross‐sectional results on target firms, private equity firms, the economic environment, and product categories suggest that private equity generates growth by easing financial constraints and providing managerial expertise.

Pure Momentum in Cryptocurrency Markets

SSRN Electronic Journal · 2022-01-01

Equity Crowdfunding in the U.S.

SSRN Electronic Journal · 2021-01-01 · 5 citations

Bank Loan Markups and Adverse Selection

SSRN Electronic Journal · 2020 · 7 citations

• Computer Science
• Financial system
• Business

Barbarians at the Store? Private Equity, Products, and Consumers

SSRN Electronic Journal · 2020 · 5 citations

• Business
• Advertising
• Marketing