This paper provides evidence on the strategic lending decisions made by banks facing a negative funding shock. Using bank-firm level credit data, we show that banks reallocate credit within their loan portfolio in at least three different ways. First, banks reallocate to sectors where they have a high market share. Second, they also reallocate to sectors in which they are more specialized. Third, they reallocate credit towards low-risk firms. These reallocation effects are economically large. A standard deviation increase in sector market share, sector specialization or firm soundness reduces the transmission of the funding shock to credit supply by 22, 8 and 10%, respectively. JEL Classification: G01, G21

中文翻译：

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一些借款人比其他借款人更加平等：银行资金冲击和信贷重新分配*

本文为面临负面资金冲击的银行做出的战略贷款决策提供了证据。使用银行公司级信用数据，我们显示银行至少以三种不同方式在其贷款组合中重新分配了信用。首先，银行将资金重新分配到市场份额较高的部门。其次，他们还重新分配到他们更专业的部门。第三，他们将信贷重新分配给低风险的公司。这些重新分配的影响在经济上是巨大的。行业市场份额，行业专业化或公司稳健性的标准差增加，分别将融资冲击对信贷供给的传导减少了22％，8％和10％。JEL分类：G01，G21