On-Site inspecting zombie lending
利用葡萄牙银行现场检查的数据，发现检查后银行向僵尸企业续贷的概率降低20%，促使企业违约，原因是银行被迫确认损失后失去了继续放贷的动机。
“Zombie lending” remains a widespread practice by banks around the world. In this paper, we exploit a series of large-scale on-site inspections made on the credit portfolios of several Portuguese banks to investigate how these inspections affect banks’ future lending decisions. We find that an inspected bank becomes 20% less likely to refinance zombie firms, immediately spurring their default. Overall, banks seemingly reduce zombie lending because the incentives to hold these loans disappear once they are forced to recognize losses.