We use supervisory loan-level data to document that small firms (SMEs) obtain shorter maturity credit lines than large firms, post more collateral, have higher utilization rates, and pay spreads. rationalize these facts as the equilibrium outcome of a trade-off between lender commitment discretion. Using COVID recession, we test prediction SMEs are subject greater Consistent with this hypothesi...

The field of modern biotechnology is thought to have largely begun in 1980, when the United States Supreme Court ruled that a genetically-modified microorganism could be patented. The growth of the Biotechnology industry has stimulated extensive research on its determinants. One of the areas which has attracted a fair amount of attention is the distribution of firm size within an industry. What...