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Home | Events | Organization of Human Capital in Corporate Lending
Seminar

Organization of Human Capital in Corporate Lending

  • Series
    Erasmus Finance Seminars
  • Speaker(s)
    Vrinda Mittal (University of North Carolina, United States)
  • Field
    Finance, Accounting and Finance
  • Location
    Erasmus University Rotterdam, Campus Woudestein, Polak 3-09
    Rotterdam
  • Date and time

    November 03, 2026
    11:45 - 13:00

Abstract

We study how the organization of human capital shapes the provision of information-sensitive lending in private credit (PC) firms. We document the move of credit-related personnel from banks to PC firms over the past decade, with substantial gains in seniority, non-salary compensation, and retention. PC firms with more senior bank-originated personnel lend more to information-sensitive borrowers. Compared with banks, PC firms have flatter hierarchies, higher senior-to-junior ratios, and allocate senior talent to diligence roles. PC loans feature more customized contractual terms and monitoring clauses. Organizational differences between banks and PC firms provide an explanation for these contractual differences.