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This paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on corporate external financing. We find that tightened credit standards positively affect the NFC bond issuance: A 1pp increase in banks reporting considerable tightening on loans leads to around a 7% increase in firms' bond issuance in the eurozone. Focusing on a spectrum of aspects contributing to bank credit tightening, we document that banks' balance sheet constraints, as well as the perception of risk lead to significantly higher NFC bond issuance. In addition, we show that stricter lending conditions, such as wider margins, higher collateral requirements and covenants significantly increase NFC bond issuance volumes too. Furthermore, the impact of bank credit tightening on firms' bond issuance is particularly observable in core eurozone countries and not in peripheral countries. This is partially due to the underdeveloped of debt capital markets in the peripheral countries.
This paper aims at making a general description of Chinese NPs using Head-Driven Phrase Structure Grammar. The paper introduces the basic and complex structures of Chinese NPs and then shed light on the noun-classifier matching problem when implemented in HPSG. To solve this problem, the paper tries to establish a basic grammar of Chinese NPs in the framework of HPSG, which is implemented in the LKB system. The implementation shows, although the matching problem between noun and classifier can be described in HPSG, especially by the MRS, it is still difficult to efficiently represent the semantic constrains in the LKB system.