WORKING PAPERS

Bankruptcy duration and bank credit   with O. De Jonghe, M. Mariathasan &  A.Scopelliti   (draft coming soon)

Abstract: This paper examines how delays in corporate bankruptcy resolution shape banks' credit decisions. Exploiting variation in bankruptcy duration across Belgian Business Court jurisdictions, we show that banks recognize a lower amount of pledged collateral as effective credit protection, when bankruptcy is expected to take longer. A one year increase in expected bankruptcy duration raises collateral haircuts by around 1.5 pp. Consistent with this reduction in collateral protection, banks provide about 6% lower amounts on secured credit, equivalent to approximately EUR 12,300 for the average loan. The effects on interest rates remain limited. We also find that slower bankruptcy resolution increases banks' incentives to grant forbearance to distressed firms. Overall, our results point to the effective collateral protection as a key channel through which judicial efficiency shapes bank credit, with forbearance providing an additional adjustment margin once borrower distress emerges.

Presentations (including scheduled): National Bank of Belgium, HEC Liège (HYRCE 2026)**,  KU Leuven, Pre-EFA 2026**

**poster session

WORK IN PROGRESS

Do Ethical Banks Lend Differently? Micro Evidence from Europe

Loan types: instrument combinations for firm financing

POLICY WORK & OTHER CONTRIBUTIONS (pre-PhD)

What drives firms’ investment in climate action?   with F. Kalantzis

(Evidence from the 2021-2022 EIB Investment Survey)

Media: Financial Times

I mutui green tra criticità e opportunità   (in Italian)

Efficienza energetica degli edifici: le sfide legate alla direttiva europea  (in Italian)

Bonus edilizia e cessione dei crediti fiscali: cosa cambia con il nuovo decreto    (in Italian)

(Prometeia SPA insights)