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Enlarging the Contracting Space : Collateral Menus, Access to Credit, and Economic Activity
Campello, Murillo - 2015
debt transactions. The menu of assets legally accepted as collateral was enlarged to include movable assets (e …
Persistent link: https://www.econbiz.de/10013012691
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Collateral Pricing
Benmelech, Efraim - 2008
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 …
Persistent link: https://www.econbiz.de/10012772363
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Patent Collateral, Investor Commitment, and the Market for Venture Lending
Hochberg, Yael V. - 2016
The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent...
Persistent link: https://www.econbiz.de/10013005794
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Multiple Equilibria in Open Economy Models with Collateral Constraints : Overborrowing Revisited
Schmitt-Grohé, Stephanie - 2016
of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self …-fulfilling financial crises in which pessimistic views about the value of collateral induces agents to deleverage. The paper shows that …
Persistent link: https://www.econbiz.de/10012990790
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The Uneasy Case for the Priority of Secured Claims in Bankruptcy : Further Thoughts and a Reply to Critics
Bebchuk, Lucian A.; Fried, Jesse M. - 2021
In an earlier article, The Uneasy Case for the Priority of Secured Claims in Bankruptcy,' 105 Yale Law Journal 857 (1996), we suggested that the case for a full priority of secured claims in bankruptcy is an uneasy one. In this paper, we address various reactions and objections to our analysis...
Persistent link: https://www.econbiz.de/10013242902
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The Secured Credit Premium and the Issuance of Secured Debt
Benmelech, Efraim; Kumar, Nitish; Rajan, Raghuram G. - 2022
pattern of issue behavior is consistent with highly rated firms seeing unencumbered collateral as a form of insurance, to be …
Persistent link: https://www.econbiz.de/10013324694
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Borrowing Requirements, Credit Access, and Adverse Selection : Evidence from Kenya
Jack, William - 2016
Do the stringent formal sector borrowing requirements common in many developing countries restrict credit access, technology adoption, and welfare? When a Kenyan dairy's savings and credit cooperative randomly offered some farmers the opportunity to replace loans with high down payments and...
Persistent link: https://www.econbiz.de/10012982035
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Adverse Selection Dynamics in Privately-Produced Safe Debt Markets
Foley-Fisher, Nathan; Gorton, Gary B.; Verani, Stephane - 2022
Privately-produced safe debt is designed so that there is no adverse selection in trade. This is because no agent finds it profitable to produce private information about the debt’s backing and all agents know this (i.e., it is information-insensitive). But in some macro states, it becomes...
Persistent link: https://www.econbiz.de/10014091110
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Household Savings in Transition Economies
Denizer, Cevdet - 2010
Based on matching household surveys for three central European countries, Bulgaria, Hungary and Poland, we explore the determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and to be significantly higher for households...
Persistent link: https://www.econbiz.de/10012763614
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Book Translations as Idea Flows : The Effects of the Collapse of Communism on the Diffusion of Knowledge
Abramitzky, Ran - 2014
We use book translations as a new measure of international idea flows and study the effects of Communism's collapse in Eastern Europe on these flows. Using novel data on 800,000 translations and difference-in-differences approaches, we show that while translations between Communist languages...
Persistent link: https://www.econbiz.de/10013055835