@article {664193,
	title = {Bank Liquidity Provision Across the Firm Size Distribution},
	journal = {Journal of Financial Economics},
	volume = {144},
	number = {3},
	year = {2022},
	pages = {908-932},
	abstract = {We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms; have less active maturity management; post more collateral; have higher utilization rates; and pay higher spreads. We rationalize these facts as the equilibrium outcome of a trade-off between lender commitment and discretion. Using the COVID recession, we test the prediction that SMEs are subject to greater lender discretion by examining credit line utilization. \&nbsp;We show that SMEs do not drawdown in contrast to large firms despite SME demand, but that PPP loans helped alleviate the shortfall.},
	url = {https://www.sciencedirect.com/science/article/abs/pii/S0304405X21003056},
	author = {Gabriel Chodorow-Reich and Olivier Darmouni and Stephan Luck and Matthew Plosser}
}
