| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26637 |
| 来源ID | Working Paper 26637 |
| The Decline of Secured Debt | |
| Efraim Benmelech; Nitish Kumar; Raghuram Rajan | |
| 发表日期 | 2020-01-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The share of secured debt issued (as a fraction of total corporate debt) declined steadily in the United States over the twentieth century. This stems partly from financial development giving creditors greater confidence that high quality borrowers will respect their claims even if creditors do not obtain security up front. Consequently, such borrowers prefer retaining financial flexibility by not giving security up front. Instead, security is given contingently – when a firm approaches distress. This also explains why superimposed on the secular decline, the share of secured debt issued is countercyclical. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Law and Economics ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w26637 |
| 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/584311 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nitish Kumar,Raghuram Rajan. The Decline of Secured Debt. 2020. |
| 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 | ||
| w26637.pdf（898KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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