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Analyzing hand-collected credit agreements for a sample of middle-market firms over 2010–2015, we find that one-third of all loans are directly extended by nonbank financial intermediaries. Two-thirds of such nonbank lending can be attributed to bank regulations that constrain banks' ability to lend to unprofitable and highly levered borrowers. Firms with negative EBITDA and debt/EBITDA greater than six are 32 |$\%$| and 15 |$\%$| more likely to borrow from nonbanks. These firms pay significantly higher interest rates, especially following the 2013 leveraged loan guidance revisions. Nonbank borrowers also receive different nonprice terms compared to firms borrowing from banks. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

"Founder-friendly" venture financings and nontraditional venture investors have both flourished over the past decade. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit that conflicts between early-stage venture investors and liquidity-constrained later-stage ones influence the classic agency problems affecting entrepreneurs and investors. We find that mutual funds with more stable funding are more likely to invest in private firms and that financing rounds with mutual fund participation have stronger redemption, stronger IPO-related rights, and less board representation. These findings are consistent with our conceptual framework. [ABSTRACT FROM AUTHOR]

A new approach to the synthesis of fused benzothiophene derivatives was developed based on iodine-promoted photocyclization of 4,5-diaryl-substituted thiophenes obtained in three steps from commercially- available compounds. Comparative analysis showed that photochemical cyclization is a more efficient method for the preparation of fused benzo[ b ]thiophene derivatives, compared to oxidative coupling of 4,5-diaryl-substituted thiophenes in the presence of iron(III) chloride and palladium-catalyzed intramolecular arylation. This new approach provides an efficient synthesis of functionally substituted naphtho[2,1- b :3,4- b ′]dithiophenes, phenanthro[9,10- b ]thiophenes, benzo[1,2- b :3,4- b ′:6,5- b ′′]trithiophenes, as well as new fused heterocycles containing a pyridine ring and/or a carbazole moiety. [ABSTRACT FROM AUTHOR]

4-{[(2-Iodoaryl)oxy]methyl}thiophene-2-carbaldehydes and 5-iodo-4-(aryloxymethyl)thiophene-2-carbaldehydes were obtained by the reaction of phenols with 4-(chloromethyl)thiophene-2-carbaldehyde or its 5-iodo analogue, respectively. These products underwent ring closure upon irradiation with UV light (254 nm) to form the corresponding 4 H -thieno[3,2- c ]chromene-2-carbaldehydes in high yield. The formation of intermediate radical species was detected by EPR spectroscopy. Comparative analysis of ring-closure methods showed that photochemical cyclization of 5-iodo-4-(aryloxymethyl)thiophene-2-carbaldehyde is superior to Pd-catalyzed intramolecular arylation. A series of substituted 4 H -thieno[3,2- c ]chromene-2-carbaldehydes were synthesized by the photochemical cyclization of the corresponding precursors, and the photophysical properties of the products were studied. The 4 H -thieno[3,2- c ]chromene-2-carbaldehydes can be used as covert marking pigments. [ABSTRACT FROM AUTHOR]

A method has been developed for the preparation of oxazolo-[5,4- b ]pyridin-2(1 H)-ones based on the Hoffmann reaction of 2-oxo-1,2-dihydropyridine-3-carboxamides. Hydrolysis of oxazolo[5,4- b ]pyridin-2(1 H)-ones and the Hoffmann reaction of 2-oxo-1,2-dihydropyridine-3-carboxamides yielded 3-aminopyridin-2(1 H)-ones, including 4-aryl substituted derivatives in the series, for which effective phosphors with a quantum yield of up to 0.78 were detected. Photophysical properties of 3-aminopyridin-2(1 H)-ones were studied by UV and luminescence spectroscopy methods, and the relationship between their structure and photophysical properties was revealed. [ABSTRACT FROM AUTHOR]