Using detailed administrative Pakistani credit registry data, we show that banks with low leverage ratios are both significantly slower and less likely to recognize a loan as nonperforming than other banks that lend to the same firm. Moreover, we find suggestive evidence that this lack of recognition impedes loan curing, with banks with low leverage ratios reporting significantly higher final default rates than other banks for the same borrower (even after controlling for differences in loan terms). Our empirical findings are consistent with the theoretical prediction that classifying a nonperforming loan is more expensive for banks with less capital.

中文翻译：

---

企业压力和银行不良贷款：来自巴基斯坦的证据

使用详细的巴基斯坦信贷登记管理数据，我们表明，与向同一家公司放贷的其他银行相比，杠杆率低的银行明显更慢，而且不太可能将贷款确认为不良贷款。此外，我们发现了暗示性证据表明，这种缺乏认可会阻碍贷款固化，对于同一借款人，杠杆率低的银行报告的最终违约率明显高于其他银行（即使在控制贷款条款差异后）。我们的实证结果与理论预测一致，即对资本较少的银行而言，对不良贷款进行分类的成本更高。