Distortions Caused by Lending Fee Retention

The authors thank Andres Almazan, Aydoğan Alti, David Downey, Richard Evans (discussant), John Griffin, John Hatfield, Zack Liu, Jordan Nickerson, Adam Reed (discussant), Garrett Schaller, Lukas Schmid (editor), Avi Schiff, David Schumacher (discussant), Clemens Sialm, Laura Starks, Nathan Swem, Sheridan Titman, Mitch Towner, Haoxiang Zhu, an anonymous associate editor, and two anonymous referees as well as seminar participants at the American Finance Association Meetings, the Review of Corporate Finance Studies/Review of Asset Pricing Studies Bahamas Conference, the National University of Singapore, the Northern Finance Association Meetings, The University of Arizona, The University of Oregon, and The University of Texas at Austin for their helpful comments. The authors also thank Tim Park, Steven Urry, David Xu, and Qifei Zhu for excellent research assistance.