Bank Specialization and Zombie Lending

The authors thank the (associate) editor and two anonymous referees, Ryan Banerjee, Diana Bonfim, Hans Degryse, Tim Eisert (discussant), Emilia Garcia-Appendini, Sotirios Kokas, Sophie Manigart, Steven Ongena, Farzad Saidi, Glenn Schepens, Alessandro Scopelliti (discussant), Enrico Sette (discussant), Joris Tielens, and Tom Vanacker, as well as seminar participants at Ghent University, Zürich University, National Bank of Belgium, Financial Intermediation Network of European Studies (FINEST 2020), Financial Intermediation Research Society (FIRS 2021), European System of Central Banks 3rd research cluster 2021, Day ahead workshop on financial regulation 2021, American Economic Association 2022 (poster), and the 5th Bristol Banking Workshop 2022 for valuable remarks and suggestions and Denis Gromb for detailed comments on our Introduction. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the National Bank of Belgium and the Eurosystem. All errors are our own.