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We study a dynamic model of collateralized lending under adverse selection in which the quality of collateral assets is …
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Asset-based lending, the supply of loans based on floating collateral, is an important source of funding for small … small firms. Close monitoring of collateral by lenders results in an informational advantage for the incumbent lender and …
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Credit rationing and the use of collateral are widely observed in debt financing. To our view there is yet no … collateral is limited. In our model we show that credit rationing and the use of collateral are always necessary for debt … resulting from the information asymmetry. Furthermore, we extend the set of possible collateral to property rights over physical …
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This paper analyses the role of collateral in loan contracting when companies are financed by multiple bank lenders and … the view that collateral is a strategic instrument intended to influence the bargaining position of banks. Our result …
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