Lars Norden

Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)

Professor of Banking and Finance

Rua Jornalista Orlando Dantas 30

Rio de Janeiro, 22231-010

Brazil

http://www.larsnorden.de

Getulio Vargas Foundation (FGV) - FGV/EPGE Escola Brasileira de Economia e Finanças

Praia de Botafogo 190/1125, CEP

Rio de Janeiro RJ 22253-900

Brazil

  • Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)

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  • Getulio Vargas Foundation (FGV) - FGV/EPGE Escola Brasileira de Economia e Finanças

SCHOLARLY PAPERS

41

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164

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413

Scholarly Papers (41)

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1.

The Role of Non-Financial Factors in Internal Credit Ratings

Journal of Banking and Finance, Vol. 29, No. 2, pp. 509-531, 2005
Number of pages: 31 Posted: 22 Mar 2002 Last Revised: 02 Sep 2009
Jens Grunert, Lars Norden and Martin Weber
University of Tuebingen - Department of Banking, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 1,242 (20,152)
Citation 8

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Credit risk, Credit ratings, Debt default, Probit analysis

2.

Information in CDS Spreads

Number of pages: 47 Posted: 02 Jun 2008 Last Revised: 26 Mar 2014
Lars Norden
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 1,019 (26,972)
Citation 10

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Informational efficiency, Credit default swaps, Corporate news, Insider trading, Bank relationships

3.

Credit Line Usage, Checking Account Activity, and Default Risk of Bank Borrowers

Review of Financial Studies, Vol. 23, pp. 3665-3699, 2010, EFA 2008 Athens Meetings Paper, AFA 2008 New Orleans Meetings Paper
Number of pages: 52 Posted: 06 Mar 2008 Last Revised: 15 Jan 2011
Lars Norden and Martin Weber
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 860 (34,268)
Citation 18

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Banks, Relationship lending, Checking accounts, Lines of credit, Credit ratings, Bankruptcy

4.

Loan Growth and Riskiness of Banks

Journal of Banking and Finance, Vol. 34, pp. 2929-2940, 2009
Number of pages: 38 Posted: 04 Dec 2007 Last Revised: 31 Jan 2012
Daniel Foos, Martin Weber and Lars Norden
Deutsche Bundesbank, University of Mannheim - Department of Banking and Finance and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 846 (35,060)
Citation 11

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Bank lending, Credit risk, Loan losses, Bank profitability, Bank solvency

5.

Bank Earnings Management Through Loan Loss Provisions: A Double-Edged Sword?

De Nederlandsche Bank Working Paper No. 404
Number of pages: 45 Posted: 21 Dec 2013 Last Revised: 06 Dec 2014
Lars Norden and Anamaria Stoian
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and De Nederlandsche Bank
Downloads 806 (37,420)
Citation 12

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Bank risk, Earnings management, Bank capital, Discretion, Payout policy

6.

Credit Derivatives and Loan Pricing

Number of pages: 34 Posted: 27 Feb 2007 Last Revised: 12 May 2011
Lars Norden and Wolf Wagner
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Erasmus University Rotterdam (EUR)
Downloads 710 (44,545)
Citation 6

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Banks, Syndicated lending, Loan rates, Credit derivatives, Credit spreads

7.

Liberalization, Bank Governance, and Risk Taking

EFA 2008 Athens Meetings Paper , AEA 2012 Chicago Meetings Paper
Number of pages: 54 Posted: 15 Mar 2011 Last Revised: 14 May 2014
Manuel Illueca Muñoz, Lars Norden and Gregory F. Udell
Universitat Jaume I, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Indiana University - Kelley School of Business - Department of Finance
Downloads 603 (55,157)
Citation 2

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Deregulation, Bank loans, Risk taking, Geographic expansion, Bank ownership

8.

The Benefits of Relationship Lending in a Cross-Country Context: A Meta-Analysis

Number of pages: 43 Posted: 04 Nov 2012 Last Revised: 26 Jul 2014
Vlado Kysucky and Lars Norden
Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM) and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 541 (63,234)
Citation 27

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Bank loans, Lending technologies, Asymmetric information, Competition, Loan terms

9.

Countercyclical Prudential Buffers and Bank Risk-taking

Number of pages: 52 Posted: 15 Mar 2012 Last Revised: 17 Mar 2020
Manuel Illueca Muñoz, Lars Norden, Joseph Pacelli and Gregory F. Udell
Universitat Jaume I, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Harvard Business School and Indiana University - Kelley School of Business - Department of Finance
Downloads 535 (64,047)

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Banks, bank regulation, macro-prudential policy, bank lending, risk taking

10.

The Relationship between Borrower Risk and Loan Maturity in Small Business Lending

Journal of Business Finance and Accounting, Forthcoming
Number of pages: 43 Posted: 02 Sep 2007 Last Revised: 12 Feb 2012
Karolin Kirschenmann and Lars Norden
ZEW – Leibniz Centre for European Economic Research and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 515 (67,178)

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Small business lending, relationship lending, asymmetric information, bargaining power

11.

Financial Innovation and Bank Behavior: Evidence from Credit Markets

Number of pages: 36 Posted: 06 Apr 2011 Last Revised: 24 Aug 2012
Lars Norden, Consuelo Silva Buston and Wolf Wagner
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Pontifical Catholic University of Chile - School of Business and Erasmus University Rotterdam (EUR)
Downloads 489 (71,677)
Citation 17

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Financial innovations, credit derivatives, syndicated loans, loan pricing, financial crisis

12.

The Impact of Government Intervention in Banks on Corporate Borrowers’ Stock Returns

Number of pages: 55 Posted: 14 Mar 2012
Lars Norden, Peter Roosenboom and Teng Wang
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Rotterdam School of Management, Erasmus University and Board of Governors of the Federal Reserve System
Downloads 459 (77,442)
Citation 11

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Bank loans, bank-firm relationships, stock markets, banking crisis, government intervention

13.

Bargaining Power and Information in SME Lending

Number of pages: 37 Posted: 14 Feb 2009 Last Revised: 05 Aug 2010
Jens Grunert and Lars Norden
University of Tuebingen - Department of Banking and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 372 (98,832)
Citation 9

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SME lending, Bargaining power, Hard and soft information, Credit ratings, Loan terms

14.

Negative News and the Stock Market Impact of Tone in Rating Reports

Number of pages: 49 Posted: 01 Jul 2016 Last Revised: 29 Jul 2020
Gunter Löffler, Lars Norden and Alexander Rieber
Ulm University, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Ulm
Downloads 370 (99,462)
Citation 1

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Credit rating, negative news, overreaction, underreaction, textual analysis

15.

Informational Synergies in Consumer Credit

Journal of Financial Intermediation, Forthcoming
Number of pages: 48 Posted: 12 Dec 2014 Last Revised: 29 Feb 2020
Martin Thomas Hibbeln, Lars Norden, Piet Usselmann and Marc Gürtler
University of Duisburg-Essen - Mercator School of Management, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), University of Braunschweig - Institute of Technology, Department of Finance and University of Braunschweig - Institute of Technology, Department of Finance
Downloads 353 (104,924)
Citation 3

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Household finance, credit risk, asymmetric information, account activity, consumer bankruptcy

16.

Is a Friend in Need a Friend Indeed? How Relationship Borrowers Fare during the COVID-19 Crisis

Number of pages: 62 Posted: 28 Dec 2020 Last Revised: 25 May 2021
Allen N. Berger, Christa H. S. Bouwman, Lars Norden, Raluca A. Roman, Gregory F. Udell and Teng Wang
University of South Carolina - Darla Moore School of Business, Texas A&M University, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Federal Reserve Bank of Philadelphia, Indiana University - Kelley School of Business - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 352 (105,219)
Citation 4

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Banks, bank loans, relationship lending, loan contract terms, financial crises, COVID- 19, Paycheck Protection Program (PPP)

17.

Credit Quality and Substitution in SME Finance

Number of pages: 41 Posted: 15 Mar 2015 Last Revised: 29 Nov 2019
Lars Norden, Stefan van Kampen and Manuel Illueca Muñoz
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM) and Universitat Jaume I
Downloads 297 (126,557)
Citation 1

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Trade credit, bank credit, credit risk, substitution, financial crisis

18.

Funding Modes of German Banks: Structural Changes and its Implications

Downloads 297 (126,557)
Citation 5

Funding Modes of German Banks: Structural Changes and its Implications

Journal of Financial Services Research, Vol. 38, pp. 69-93, 2010
Number of pages: 43 Posted: 13 Apr 2005 Last Revised: 31 Jan 2012
Lars Norden and Martin Weber
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 283 (132,503)

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Universal banking, Deposit taking, Interbank markets, Disintermediation

Funding Modes of German Banks: Structural Changes and its Implications

CEPR Discussion Paper No. 5027
Number of pages: 45 Posted: 12 Sep 2005
Martin Weber and Lars Norden
University of Mannheim - Department of Banking and Finance and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 14 (697,070)
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Banks, deposit taking, disintermediation, panel analysis

19.

To Change or Not to Change? The CDS Market Response of Firms on Credit Watch

Number of pages: 45 Posted: 05 Apr 2016 Last Revised: 21 Jan 2020
Florian Kiesel, Sascha Kolaric, Lars Norden and Dirk Schiereck
Grenoble Ecole de Management, Technical University of Darmstadt, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Darmstadt University of Technology
Downloads 261 (144,715)

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Credit default swaps, uncertainty, informational efficiency, credit ratings, rating reviews

20.

What Do We Know About Speculation in the CDS Market?

Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 34 Posted: 20 Sep 2012 Last Revised: 14 Mar 2013
Lars Norden and Kristina Radoeva
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 241 (156,478)
Citation 7

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Credit Risk, Credit Derivatives, Trading Motives, Speculation, Bankruptcy

21.

The Dynamics of Credit Rating Disagreement

Number of pages: 36 Posted: 17 Nov 2012 Last Revised: 26 Jul 2014
Lars Norden and Viorel Roscovan
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 203 (184,163)
Citation 1

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Financial intermediation, Credit risk, Asymmetric information, Monitoring, CDS spreads

22.

Beyond the Average: Coinsurance Effects and Their Dependence on Financial Constraints

Number of pages: 66 Posted: 06 Nov 2018 Last Revised: 13 Jan 2021
Michael Goedde-Menke, Lars Norden and Christian Rose
University of Münster - Finance Center Münster, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Münster - Accounting Center Münster
Downloads 140 (253,110)

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Default risk, corporate diversification, cost of capital, capital structure, credit default swaps

23.

Does Uniqueness in Banking Matter?

Number of pages: 46 Posted: 08 Aug 2017 Last Revised: 23 Sep 2018
(Frank) Hong Liu, Lars Norden and Fabrizio Spargoli
University of Glasgow - Adam Smith Business School, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Rotterdam School of Management
Downloads 127 (272,650)
Citation 1

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Banks, Performance, Systemic Risk, Diversification, Diversity

24.

The effects of corporate bond granularity

Journal of Banking & Finance 63 (2016): 25-34
Number of pages: 10 Posted: 19 Aug 2013 Last Revised: 23 Dec 2015
Lars Norden, Peter Roosenboom and Teng Wang
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Rotterdam School of Management, Erasmus University and Board of Governors of the Federal Reserve System
Downloads 117 (289,548)
Citation 5

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Debt finance, bond maturity, rollover risk, issue frequency, cost of capital

25.

'Less is More': Credit Default Swaps and Firm Cyclicality

Number of pages: 58 Posted: 11 Mar 2021 Last Revised: 15 Jun 2021
Lars Norden, Chao Yin and Lei Zhao
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Durham University - Department of Economics and Finance and ESCP Business School
Downloads 111 (300,335)

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Credit default swaps, real effects of financial markets, exacting creditors, asset growth, employment growth

26.

Cyclicality of SME Lending and Government Involvement in Banks

Downloads 101 (320,335)
Citation 4

Cyclicality of SME Lending and Government Involvement in Banks

Journal of Banking and Finance, Vol. 77, 2017
Number of pages: 28 Posted: 08 Aug 2015 Last Revised: 12 Jun 2018
Patrick Behr, Daniel Foos and Lars Norden
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Deutsche Bundesbank and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 60 (438,210)
Citation 6

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Banks, Loan growth, SME finance, Business cycles, Financial stability

Cyclicality of SME Lending and Government Involvement in Banks

Bundesbank Discussion Paper No. 39/2015
Number of pages: 32 Posted: 21 Jun 2016
Patrick Behr, Daniel Foos and Lars Norden
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Deutsche Bundesbank and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 41 (518,661)

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Banks, Loan growth, SME finance, Business cycles, Financial stability

27.

The Comovement of Credit Default Swap, Bond and Stock Markets: An Empirical Analysis

Number of pages: 45 Posted: 16 Dec 2004
Martin Weber and Lars Norden
University of Mannheim - Department of Banking and Finance and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 90 (344,773)
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Credit risk, credit spreads, credit derivatives, lead-lag relationship

28.

Labor and Finance: The Effect of Bank Relationships

Number of pages: 46 Posted: 15 Nov 2018 Last Revised: 05 Aug 2020
Patrick Behr, Lars Norden and Raquel F. Oliveira
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Central Bank of Brazil
Downloads 86 (354,536)

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Credit, banks, real effects, employment, wages, credit registry

29.

Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements

Number of pages: 45 Posted: 19 Mar 2004
Lars Norden and Martin Weber
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 82 (364,953)
Citation 22
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Credit ratings, credit default swaps, informational efficiency, event study

30.

Does Good Corporate Governance Pay Off in the Long-Run? Evidence from Stock Market Segment Switches in Brazil

Number of pages: 44 Posted: 10 Oct 2018 Last Revised: 18 Oct 2019
Luiz Moura and Lars Norden
Fundação Getulio Vargas and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 68 (405,249)

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Corporate Governance, Disclosure, Listing Segments, Long-Run Performance

31.

Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses during Normal Times and the COVID-19 Crisis

Number of pages: 76 Posted: 20 Apr 2021 Last Revised: 25 Apr 2021
Allen N. Berger, Christa H. S. Bouwman, Lars Norden, Raluca A. Roman, Gregory F. Udell and Teng Wang
University of South Carolina - Darla Moore School of Business, Texas A&M University, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Federal Reserve Bank of Philadelphia, Indiana University - Kelley School of Business - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 66 (411,742)

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Credit cards, household finance, consumers, small businesses, relationship lending, banks, credit terms, cross-sectional smoothing, financial crises, COVID-19, intertemporal smoothing

32.

Shock Propagation Through Trade Credit: Evidence From Operation Weak Flesh

Number of pages: 50 Posted: 02 Dec 2018 Last Revised: 26 Jan 2019
Victor Dahan and Lars Norden
University of Southern California - Marshall School of Business and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 66 (411,742)
Citation 1

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Trade Credit, Corporate Liquidity, Supply Chain, Corporate Fraud, Spillover Effects

33.

Do Bank Bailouts Affect the Provision of Trade Credit?

Number of pages: 43 Posted: 16 Nov 2018 Last Revised: 17 Mar 2019
Lars Norden, Gregory F. Udell and Teng Wang
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Indiana University - Kelley School of Business - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 62 (425,006)
Citation 2

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Trade credit, TARP, bank dependence, credit chains, financial crises

34.

COVID-19, Policy Interventions and Credit: The Brazilian Experience

Number of pages: 62 Posted: 19 Apr 2021
Lars Norden, Daniel Mesquita and Weichao Wang
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), FGV EPGE and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 42 (503,494)

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COVID-19 crisis, policy interventions, credit, banks, loans

35.

The Role of Non-Financial Factors on Internal Credit Ratings

Number of pages: 36 Posted: 06 Aug 2002
Jens Grunert, Lars Norden and Martin Weber
University of Tuebingen - Department of Banking, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 30 (564,308)
Citation 19
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Credit risk, credit ratings, debt default, probit analysis

36.

Does Good Corporate Governance Pay Off in the Long Run? Evidence From Stock Market Segment Switches in Brazil

Brazilian Review of Finance, Vol. 17, No. 3, September 2019, pp. 1–25
Number of pages: 25 Posted: 08 Jul 2021
Luiz Moura and Lars Norden
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 9 (710,610)

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Corporate governance, Disclosure, Listing segments, Long-run performance

37.

Piercing Through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses During Normal Times and the Covid-19 Crisis

FRB of Philadelphia Working Paper No. 21-19
Number of pages: 77 Posted: 02 Jun 2021
Allen N. Berger, Christa Bouwman, Lars Norden, Raluca A. Roman, Gregory F. Udell and Teng Wang
affiliation not provided to SSRN, Texas A&M University, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Federal Reserve Bank of Philadelphia, affiliation not provided to SSRN and Board of Governors of the Federal Reserve System
Downloads 4 (749,473)

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38.

The Co-Movement of Credit Default Swap, Bond and Stock Markets: An Empirical Analysis

European Financial Management, Vol. 15, Issue 3, pp. 529-562, June 2009
Number of pages: 34 Posted: 27 May 2009
Lars Norden and Martin Weber
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and University of Mannheim - Department of Banking and Finance
Downloads 2 (767,107)
Citation 11
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39.

The Relationship between Borrower Risk and Loan Maturity in Small Business Lending

Journal of Business Finance & Accounting, Vol. 39, Issue 5‐6, pp. 730-757, 2012
Number of pages: 28 Posted: 05 Jul 2012
Karolin Kirschenmann and Lars Norden
ZEW – Leibniz Centre for European Economic Research and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 1 (778,604)
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small business lending, relationship lending, asymmetric information, bargaining power

40.

Business Credit Information Sharing and Default Risk of Private Firms

Journal of Banking and Finance, Vol. 37, 2867-2878, Forthcoming
Posted: 13 Nov 2011 Last Revised: 27 Aug 2013
Maik Dierkes, Carsten Erner, Thomas Langer and Lars Norden
Leibniz University Hannover, affiliation not provided to SSRN, University of Muenster - Finance Center and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)

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credit risk, asymmetric information, credit bureau, hard and soft information, private firms

41.

Financial Constraints of Private Firms and Bank Lending Behavior

Journal of Banking & Finance, Volume 37, Issue 9, September 2013, Pages 3472-3485
Posted: 23 Nov 2010 Last Revised: 07 Nov 2015
Patrick Behr, Lars Norden and Felix Noth
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Otto-von-Guericke-Universität Magdeburg

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Financial constraints, Bank loans, Bank business models, Relationship lending, Cyclicality