, whose original loans were made by 123 different banks, our article confirms a significant positive influence of collateral …)]. In a further analysis of collateral, systematic biases between the realized market price and the expected market values … haircuts to collateral values and show the superior performance of our proposed approach. …

Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the … use of collateral in bank loan contracts as well as the exist-ence of relational compared to arm's length lending. In this … neither confirm that a high priority for secured lenders explains an excessive use of collateral in bank loans nor that a …