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

SCHOLARLY PAPERS

44

DOWNLOADS
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Top 4,818

in Total Papers Downloads

17,446

TOTAL CITATIONS
Rank 2,707

SSRN RANKINGS

Top 2,707

in Total Papers Citations

336

Scholarly Papers (44)

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 1,531 (26,486)
Citation 9

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Credit risk, Credit ratings, Debt default, Probit analysis

2.

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

Number of pages: 32 Posted: 28 Dec 2020 Last Revised: 22 Apr 2025
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 1,221 (36,941)
Citation 13

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Banks, relationship lending, loan contract terms, financial crises, COVID-19

3.

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 1,114 (42,328)
Citation 12

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

4.

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 1,078 (44,337)
Citation 10

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

5.

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 1,040 (46,592)
Citation 11

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

6.

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 963 (51,927)
Citation 61

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

7.

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

Journal of Political Economy (JPE), Forthcoming , European Corporate Governance Institute – Finance Working Paper No. 912/2023
Number of pages: 102 Posted: 20 Apr 2021 Last Revised: 09 Apr 2024
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 916 (55,654)

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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

8.

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 750 (72,866)
Citation 6

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

9.

Countercyclical Prudential Buffers and Bank Risk-taking

Number of pages: 52 Posted: 15 Mar 2012 Last Revised: 17 Mar 2020
Universitat Jaume I, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Harvard University - Business School (HBS) and Indiana University - Kelley School of Business - Department of Finance
Downloads 684 (81,981)

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

10.

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
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 639 (89,492)
Citation 2

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

11.

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 616 (93,754)
Citation 70

Abstract:

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

12.

Financial Innovation and Bank Behavior: Evidence from Credit Markets

Number of pages: 36 Posted: 06 Apr 2011 Last Revised: 24 Aug 2012
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), Pontificia Universidad Católica de Chile - School of Business and Erasmus University Rotterdam (EUR)
Downloads 585 (100,181)
Citation 16

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

13.

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 572 (103,050)
Citation 4

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

14.

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 520 (116,011)
Citation 11

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

15.

Informational Synergies in Consumer Credit

Journal of Financial Intermediation, Vol. 44, 2020, Article 100831
Number of pages: 48 Posted: 12 Dec 2014 Last Revised: 17 Apr 2023
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 447 (139,330)
Citation 3

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

16.

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
Ulm University, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Ulm University
Downloads 434 (144,076)
Citation 3

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

17.

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 413 (152,655)
Citation 14

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

18.

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 380 (167,550)
Citation 7

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

19.

Credit Quality and Substitution in SME Finance

Number of pages: 41 Posted: 15 Mar 2015 Last Revised: 29 Nov 2019
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 357 (179,641)
Citation 1

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

20.

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
Free University of Bolzano-Bozen, University of Edinburgh Business School, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Technical University of Darmstadt
Downloads 322 (200,837)
Citation 5

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

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 308 (209,009)

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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 (1,261,409)
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Banks, deposit taking, disintermediation, panel analysis

22.

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 Invesco
Downloads 301 (215,917)
Citation 1

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

23.

The Benefits of Downside Risk Reduction Through Coinsurance

Number of pages: 69 Posted: 06 Nov 2018 Last Revised: 09 Dec 2024
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 269 (242,777)

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Default risk, credit default swaps, cost of capital, multi-segment firms, diversification

24.

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

Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 61 Posted: 11 Mar 2021 Last Revised: 30 Nov 2021
Lars Norden, Chao Yin and Lei Zhao
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE), University of Edinburgh and ESCP Business School
Downloads 243 (268,808)

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

25.

Labor and Finance: The Effect of Bank Relationships

Number of pages: 41 Posted: 15 Nov 2018 Last Revised: 03 Nov 2021
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 205 (316,538)
Citation 3

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

26.

Does Uniqueness in Banking Matter?

Number of pages: 46 Posted: 08 Aug 2017 Last Revised: 23 Sep 2018
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 167 (381,071)
Citation 5

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Banks, Performance, Systemic Risk, Diversification, Diversity

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 90 (617,288)
Citation 7

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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 75 (689,526)

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

28.

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 153 (410,650)
Citation 5

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

29.

Relationship Lending and Monetary Policy Shocks: Evidence from the U.S.

Number of pages: 37 Posted: 07 Oct 2024
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 126 (479,927)

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Monetary policy transmission, credit, bank lending, relationship lending

30.

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 122 (492,258)
Citation 2

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

31.

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 119 (501,671)
Citation 1

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

32.

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
Universidade Federal do Rio de Janeiro and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 110 (532,288)

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

33.

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 100 (570,675)
Citation 22
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Credit ratings, credit default swaps, informational efficiency, event study

34.

Personal Taxes and Small Business Lending

Number of pages: 72 Posted: 29 Apr 2021 Last Revised: 27 Jan 2024
Lars Norden and Weichao Wang
Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Lee Shau Kee School of Business and Administration, Hong Kong Metropolitan University
Downloads 96 (586,199)

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Personal income taxes, state tax policy, banks, loans, small businesses, local credit markets

35.

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 (610,372)
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Credit risk, credit spreads, credit derivatives, lead-lag relationship

36.

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 73 (689,698)
Citation 32
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Credit risk, credit ratings, debt default, probit analysis

37.

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
Universidade Federal do Rio de Janeiro and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 65 (734,154)

Abstract:

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

38.

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 Last Revised: 18 Jun 2022
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, Indiana University - Kelley School of Business - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 60 (764,881)

Abstract:

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Credit cards, household finances, consumers, small businesses, relationship lending, banks

39.

Lending Technologies and Consumer Defaults in Times of Crisis: Evidence from Brazil

Number of pages: 15 Posted: 15 Dec 2023
Gabriel Barthman, Matheus Moura and Lars Norden
Universidade Vila Velha, Getulio Vargas Foundation (FGV) and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 39 (930,538)

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consumer credit, household finance, credit default, relationship lending, appliance finance, gender gaps

40.

It's Only Words? ESG Disclosure and Corporate Sustainability in Brazil

Number of pages: 44 Posted: 14 Apr 2025
Antonio Filgueira 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 26 (1,069,609)

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ESG reporting, sustainability reporting, textual analysis, emerging markets, Brazil

41.

Are Measures of Corporate Financial Constraints Universal?Evidence from Brazil

Number of pages: 14 Posted: 08 Jul 2024
affiliation not provided to SSRN and Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE)
Downloads 13 (1,229,846)

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Financial constraints, Emerging markets, KZ index, SA index, Brazil

42.

The Real Costs of Washing Away Corruption: Evidence from Brazil’s Lava Jato Investigation

Posted: 10 Jul 2023
University of British Columbia (UBC) - Vancouver School of Economics, Universidade Federal do Rio de Janeiro, Getulio Vargas Foundation (FGV) - Brazilian School of Public and Business Administration (EBAPE) and Central Bank of Brazil - Research Department

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Anti-corruption investigations, corruption, credit channel, bank lending, capital and labor allocation

43.

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
Leibniz University Hannover, University of California, Los Angeles (UCLA) - Anderson School of Management, 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

44.

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, Felix Noth 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 Halle Institute for Economic ResearchOtto-von-Guericke-Universität Magdeburg

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