We demonstrate the central importance of creditors' ability to use “movable” assets as collateral (as distinct from … with weak collateral laws, relative to immovable assets, and that lending is biased towards the use of immovable assets …. Using sector-level data, we find that weak movable collateral laws create distortions in the allocation of resources that …

within the household. The question is analyzed in the context of a housing reform that occurred in China that gave existing …

that the only industries in which listed companies in China display strong performance are public utilities, transportation …

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms …

government debt. The safest governments inefficiently restrict the amount of high quality debt that could be used as collateral …

-pricing framework to value the systematic crash risk exposure of the collateral. We then apply Modigliani and Miller's (1958 …

collateral requirements and subordination of OTC positions in bankruptcy can ameliorate the counterparty risk externality, they …

: principal amount, interest rate, collateral type, haircut, tenor, and counterparty …