Juan Pablo Gorostiaga

I am Assistant Professor in Finance at Universidad Católica de Chile.

Email: jgorostiaga@uc.cl
Phone: +56 994265710


My main research interests are related to corporate finance and financial intermediation. 

Currently, I study how lenders’ and investors’ pre-existing exposure determines lending behavior, and how it shapes the corporate policies of their borrowers.

Working Papers

Single-authored Job Market Paper. I provide evidence that lenders with high exposure to a particular industry extend loans with a higher covenant strictness to the firms in this industry. Specifically, these lenders deter debt-founded growth and induce a more conservative behavior by including more capital-based covenants and tangible net worth requirements. This is consistent with lenders internalizing industry spillovers arising from product market competition, adjusting loan contract terms to tame borrowers’ growth appetite, thus maximizing loan portfolio expected returns.

Work in Progress

With Christian Eufinger and Zhiqiang Ye.