Firms’ Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings

The authors thank Bo Becker, Victoria Ivashina, two anonymous reviewers, Heitor Almeida, Azi Ben-Rephael, Jaewon Choi, John Graham, Mathias Kronlund, Yuanzhi Li, Eric Powers, Rik Sen, Michael Schwert, Wei Wang, and conference/seminar participants at the China International Conference in Finance 2021, Silicon Prairie Finance Conference 2021, International Risk Management Conference 2021, Financial Management Association 2021, Western Finance Association 2023, Northern Finance Association 2023, Boston College, Brandeis University, University of Bath, University of Cambridge, University of Connecticut, ESSEC Business School, University of Massachusetts-Amherst, University of Massachusetts-Boston, University of Technology Sydney, University of Kentucky, University of Toronto, and University College London for helpful comments and suggestions. The authors also thank the Investment Company Institute and especially Doug Richardson for providing us with mutual fund flow data.