| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13874 |
| 来源ID | Working Paper 13874 |
| Collateral Pricing | |
| Efraim Benmelech; Nittai K. Bergman | |
| 发表日期 | 2008-03-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited pledgeable income predict that collateral increases the availability of credit and reduces its price. Testing these theories is complicated by the very selection problem which they imply: creditors will demand collateral precisely from those borrowers who are riskier. This selection problem leads to a positive relation in the data between the presence of collateral and the loan yield. Analyzing the extensive margin of collateral use, therefore, masks the hypothesized negative impact that collateral exhibits on debt yields. In this paper, we alleviate this problem by focusing on a particular industry and examining its intensive, rather than extensive, margin of collateral use. Using a novel data set of secured debt issued by U.S. airlines, we construct industry-specific measures of collateral redeployability. We show that debt tranches that are secured by more redeployable collateral exhibit lower credit spreads, higher credit ratings, and higher loan-to-value ratios -- an effect which our estimates show to be economically sizeable. Our results suggest that the ability to pledge collateral, and in particular redeployable collateral, lowers the cost of external financing and increases debt capacity. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w13874 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571548 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nittai K. Bergman. Collateral Pricing. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13874.pdf（316KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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