Table 2 Open in new tab Summary...

	\|$N$\|	Mean	Std.	p25	Med.	p75	\|$N$\|	Mean	Std.	p25	Med.	p75
Loan-level variables
Loan Sale	161,794	0.370	0.483	0	0	1
Loan Share/Assets	161,794	0.007	0.002	0.000	0.000	0.000
Loan Size	161,794	274.0	619.0	34.5	95.0	256.0
Lead Arranger	161,794	0.181	0.385	0	0	0
Non-Bank Share	39,058	0.231	0.320	0	0	0.403
Bank-level variables
	Below-median capital		Above-median capital
Tier 1 Capital/RWA	2,017	0.100	0.014	0.092	0.101	0.112	2,018	0.175	0.060	0.135	0.153	0.191
Tier 1 Gap	2,017	-0.009	0.020	-0.022	-0.011	0.003	2,018	0.006	0.040	-0.018	0.000	0.023
Total Capital/RWA	2,017	0.115	0.012	0.107	0.115	0.124	2,018	0.187	0.061	0.147	0.166	0.203
Tier 1 Leverage	2,017	0.078	0.014	0.069	0.078	0.086	2,018	0.109	0.035	0.087	0.100	0.119
Bank Size	2,017	20.91	1.964	19.52	20.81	22.12	2,018	19.68	1.747	18.45	19.45	20.76
Wholesale Funding	2,017	0.300	0.146	0.192	0.285	0.389	2,018	0.231	0.147	0.126	0.202	0.297
Real Estate Loan Share	2,017	0.607	0.194	0.496	0.637	0.753	2,018	0.631	0.217	0.513	0.685	0.795
C&I Loan Share	2,017	0.116	0.101	0.011	0.110	0.170	2,018	0.062	0.086	0	0.015	0.101
Non-Interest Income	2,017	0.154	0.099	0.088	0.136	0.195	2,018	0.153	0.123	0.075	0.121	0.192

|$N$|

Mean

Std.

p25

Med.

p75

|$N$|

Mean

Std.

p25

Med.

p75

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

Loan-level variables

Loan Sale

161,794

0.370

0.483

Loan Share/Assets

161,794

0.007

0.002

0.000

Loan Size

161,794

274.0

619.0

34.5

95.0

256.0

Lead Arranger

161,794

0.181

0.385

Non-Bank Share

39,058

0.231

0.320

0.403

Bank-level variables

Below-median capital

Above-median capital

Tier 1 Capital/RWA

2,017

0.100

0.014

0.092

0.101

0.112

2,018

0.175

0.060

0.135

0.153

0.191

Tier 1 Gap

2,017

-0.009

0.020

-0.022

-0.011

0.003

2,018

0.006

0.040

-0.018

0.000

0.023

Total Capital/RWA

2,017

0.115

0.012

0.107

0.115

0.124

2,018

0.187

0.061

0.147

0.166

0.203

Tier 1 Leverage

2,017

0.078

0.014

0.069

0.078

0.086

2,018

0.109

0.035

0.087

0.100

0.119

Bank Size

2,017

20.91

1.964

19.52

20.81

22.12

2,018

19.68

1.747

18.45

19.45

20.76

Wholesale Funding

2,017

0.300

0.146

0.192

0.285

0.389

2,018

0.231

0.147

0.126

0.202

0.297

Real Estate Loan Share

2,017

0.607

0.194

0.496

0.637

0.753

2,018

0.631

0.217

0.513

0.685

0.795

C&I Loan Share

2,017

0.116

0.101

0.011

0.110

0.170

2,018

0.062

0.086

0.015

0.101

Non-Interest Income

2,017

0.154

0.099

0.088

0.136

0.195

2,018

0.153

0.123

0.075

0.121

0.192

	\|$N$\|	Mean	Std.	p25	Med.	p75	\|$N$\|	Mean	Std.	p25	Med.	p75
Loan-level variables
Loan Sale	161,794	0.370	0.483	0	0	1
Loan Share/Assets	161,794	0.007	0.002	0.000	0.000	0.000
Loan Size	161,794	274.0	619.0	34.5	95.0	256.0
Lead Arranger	161,794	0.181	0.385	0	0	0
Non-Bank Share	39,058	0.231	0.320	0	0	0.403
Bank-level variables
	Below-median capital		Above-median capital
Tier 1 Capital/RWA	2,017	0.100	0.014	0.092	0.101	0.112	2,018	0.175	0.060	0.135	0.153	0.191
Tier 1 Gap	2,017	-0.009	0.020	-0.022	-0.011	0.003	2,018	0.006	0.040	-0.018	0.000	0.023
Total Capital/RWA	2,017	0.115	0.012	0.107	0.115	0.124	2,018	0.187	0.061	0.147	0.166	0.203
Tier 1 Leverage	2,017	0.078	0.014	0.069	0.078	0.086	2,018	0.109	0.035	0.087	0.100	0.119
Bank Size	2,017	20.91	1.964	19.52	20.81	22.12	2,018	19.68	1.747	18.45	19.45	20.76
Wholesale Funding	2,017	0.300	0.146	0.192	0.285	0.389	2,018	0.231	0.147	0.126	0.202	0.297
Real Estate Loan Share	2,017	0.607	0.194	0.496	0.637	0.753	2,018	0.631	0.217	0.513	0.685	0.795
C&I Loan Share	2,017	0.116	0.101	0.011	0.110	0.170	2,018	0.062	0.086	0	0.015	0.101
Non-Interest Income	2,017	0.154	0.099	0.088	0.136	0.195	2,018	0.153	0.123	0.075	0.121	0.192

Table 2

Open in new tab

Summary statistics for banks and loan sales tests

	\|$N$\|	Mean	Std.	p25	Med.	p75	\|$N$\|	Mean	Std.	p25	Med.	p75
	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]	[12]
Loan-level variables
Loan Sale	161,794	0.370	0.483	0	0	1
Loan Share/Assets	161,794	0.007	0.002	0.000	0.000	0.000
Loan Size	161,794	274.0	619.0	34.5	95.0	256.0
Lead Arranger	161,794	0.181	0.385	0	0	0
Non-Bank Share	39,058	0.231	0.320	0	0	0.403
Bank-level variables
	Below-median capital						Above-median capital
Tier 1 Capital/RWA	2,017	0.100	0.014	0.092	0.101	0.112	2,018	0.175	0.060	0.135	0.153	0.191
Tier 1 Gap	2,017	-0.009	0.020	-0.022	-0.011	0.003	2,018	0.006	0.040	-0.018	0.000	0.023
Total Capital/RWA	2,017	0.115	0.012	0.107	0.115	0.124	2,018	0.187	0.061	0.147	0.166	0.203
Tier 1 Leverage	2,017	0.078	0.014	0.069	0.078	0.086	2,018	0.109	0.035	0.087	0.100	0.119
Bank Size	2,017	20.91	1.964	19.52	20.81	22.12	2,018	19.68	1.747	18.45	19.45	20.76
Wholesale Funding	2,017	0.300	0.146	0.192	0.285	0.389	2,018	0.231	0.147	0.126	0.202	0.297
Real Estate Loan Share	2,017	0.607	0.194	0.496	0.637	0.753	2,018	0.631	0.217	0.513	0.685	0.795
C&I Loan Share	2,017	0.116	0.101	0.011	0.110	0.170	2,018	0.062	0.086	0	0.015	0.101
Non-Interest Income	2,017	0.154	0.099	0.088	0.136	0.195	2,018	0.153	0.123	0.075	0.121	0.192

	\|$N$\|	Mean	Std.	p25	Med.	p75	\|$N$\|	Mean	Std.	p25	Med.	p75
	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]	[12]
Loan-level variables
Loan Sale	161,794	0.370	0.483	0	0	1
Loan Share/Assets	161,794	0.007	0.002	0.000	0.000	0.000
Loan Size	161,794	274.0	619.0	34.5	95.0	256.0
Lead Arranger	161,794	0.181	0.385	0	0	0
Non-Bank Share	39,058	0.231	0.320	0	0	0.403
Bank-level variables
	Below-median capital						Above-median capital
Tier 1 Capital/RWA	2,017	0.100	0.014	0.092	0.101	0.112	2,018	0.175	0.060	0.135	0.153	0.191
Tier 1 Gap	2,017	-0.009	0.020	-0.022	-0.011	0.003	2,018	0.006	0.040	-0.018	0.000	0.023
Total Capital/RWA	2,017	0.115	0.012	0.107	0.115	0.124	2,018	0.187	0.061	0.147	0.166	0.203
Tier 1 Leverage	2,017	0.078	0.014	0.069	0.078	0.086	2,018	0.109	0.035	0.087	0.100	0.119
Bank Size	2,017	20.91	1.964	19.52	20.81	22.12	2,018	19.68	1.747	18.45	19.45	20.76
Wholesale Funding	2,017	0.300	0.146	0.192	0.285	0.389	2,018	0.231	0.147	0.126	0.202	0.297
Real Estate Loan Share	2,017	0.607	0.194	0.496	0.637	0.753	2,018	0.631	0.217	0.513	0.685	0.795
C&I Loan Share	2,017	0.116	0.101	0.011	0.110	0.170	2,018	0.062	0.086	0	0.015	0.101
Non-Interest Income	2,017	0.154	0.099	0.088	0.136	0.195	2,018	0.153	0.123	0.075	0.121	0.192

The sample is restricted to loans held by at least two U.S. banks with valid covariates at the beginning of the year. Loan-level variables are averaged (unweighted) across loan share-years. Bank-level variables are averaged across bank-years. Bank-level summary statistics split by above- and below-median beginning-of-year Tier 1 Capital/RWA. The sample period is from 1993 to 2014. All variables are defined in Table A1.

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