diesem Zusammenhang wird festgestellt, dass durch die Gestaltung von Overcollateralization Tests Risk Shifting-Anreize von … Interessenkonflikt zwischen dem Manager und den Equity Investoren vor, wenn der Manager keinen Risk-Shifting Anreiz besitzt. Hierbei sind …

type of collateral that is comparable to the floating lien. We explore this natural experiment to identify how collateral …-in-differences approach, we find that following the change in the law and the loss in collateral value borrowers pay a higher interest rate on … credit by their bank. The reduction in collateral value also precedes a decrease in bank monitoring intensity and frequency …

extracting the full surplus from projects, so that she inefficiently rejects marginally profitable projects. Collateral mitigates … rejects. The model predicts that, controlling for observable borrower risk, collateralized loans are more likely to default ex … relatively smaller information advantage face higher collateral requirements, and that technological innovations that narrow the …

are better able to evaluate a project's risk than entrepreneurs. We study the bank's choice between screening and … competition on this choice. We find that competing banks use collateral less often than a monopolistic bank because competition …

-pected to reduce agency costs, perceived credit risk and thus the request for personal collateral. Trustworthiness is associated …’ assessment of the trustworthiness of owner/managers is negatively associated with the personal collateral demanded by banks … hypothesis. The results show that trust has a minor role in reducing the request of collateral. …

In the aftermath of the global financial crisis, the market for unsecured credit literally dried out and collateral … than using them as collateral. The aim of this paper is to develop a non-equivalence between secured credit and outright … as collateral is a best response. …

How does asset encumbrance affect the fragility of intermediaries subject to rollover risk? We offer a model in which a …. Encumbering assets allows a bank to raise cheap secured debt and expand profitable investment, but it also concentrates risk on … guarantees induce excessive encumbrance and fragility. To mitigate such risk shifting, we study prudential regulatory tools …

collateral? The literature shows that unobservability of the project’s returns implies that the high-risk borrower is more … inclined to pledge outside collateral than is the low-risk borrower. However, this finding does not hold when the bank can … collateral enables the low-risk entrepreneur to select himself, but high value outside collateral has no sorting potential at all …

foreign lenders consider loans from domestic lenders as firm collateral. This implies that their lending supply is positively … associated with the volume of capital a firm is able to borrow from domestic lenders (collateral effect). On the other hand, the … supply (competition effect). Two different cases are then possible. If foreign lenders are able, in spite of the collateral …

factors when they decide whether to grant loans: the relationship factor, the financial statement factor, and the collateral …/guarantee factor. We also find that smaller banks place greater emphasis on the relationship and the collateral/guarantee factors, and …