| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26799 |
| 来源ID | Working Paper 26799 |
| The Secured Credit Premium and the Issuance of Secured Debt | |
| Efraim Benmelech; Nitish Kumar; Raghuram Rajan | |
| 发表日期 | 2020-03-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Credit spreads for secured debt are lower than for unsecured debt, especially when a firm’s credit quality deteriorates, the economy slows, or average credit spreads widen. Yet investment grade firms tend to be reluctant to issue secured debt at all times. In contrast, we find that for firms that are rated below-investment grade, the likelihood of secured debt issuance increases as firm’s credit quality deteriorates, the economy slows, or average credit spreads widen. This differential pattern of issue behavior is consistent with highly rated firms seeing unencumbered collateral as a form of insurance, to be used only in extremis. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w26799 |
| 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/584472 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nitish Kumar,Raghuram Rajan. The Secured Credit Premium and the Issuance 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 | ||
| w26799.pdf（578KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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