This paper studies the effect of durability on the financing of durable assets. We show that more durable assets … the price of an asset and hence the overall financing need more than its collateral value. This insight has implications … dominated technologies. More durable assets are more likely to be rented given their larger financing need. Legal enforcement …

availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity … on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … prices of equivalent public market companies. Finally, the use of high leverage in transactions negatively affects fund …

assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter …, helping firms finance their operations by raising funds from workers. Because we control for local market effects and only … bank lending. Consistent with credit market imperfections opening up trade opportunities within the firm, we find that the …

corporate bond market has repeatedly suffered clustered default events much worse than those experienced during the Great … entire corporate bond market. We examine whether corporate default rates are best forecast by structural, reduced-form, or …

access to additional financing. Overall, the results suggest that the bundle of inputs that angel investors provide have a …

Problems with mortgage financing are widely considered to be a major cause of the recent financial meltdown. Several …