frictions, firms with poorer credit ratings and more rollover risk, and firms relying more on debt financing …

Within the same debt contract, some financial covenants are considerably more restrictive than others. I exploit this …

We study how the Eurosystem Collateral Framework for corporate bonds helps the European Central Bank (ECB) fulfill its … due to the increased supply and demand for pledgeable collateral following eligibility, (i) securities lending market … collateral supply, thereby making the market more cohesive and complete. Following eligibility, bond-issuing firms reduce bank …