Corporate stress and bank nonperforming loans: Evidence from Pakistan
利用巴基斯坦信贷登记数据，发现低杠杆银行识别不良贷款更慢且更少，导致同一借款人的最终违约率更高，这符合资本不足银行分类不良贷款成本更高的理论。
Using detailed administrative Pakistani credit registry data, we show that banks with low leverage ratios are both significantly slower and less likely to recognize a loan as nonperforming than other banks that lend to the same firm. Moreover, we find suggestive evidence that this lack of recognition impedes loan curing, with banks with low leverage ratios reporting significantly higher final default rates than other banks for the same borrower (even after controlling for differences in loan terms). Our empirical findings are consistent with the theoretical prediction that classifying a nonperforming loan is more expensive for banks with less capital.