-lending revenues, and those that pledge collateral, especially outside assets and real estate, experience less credit rationing …We investigate how financial contracting interacts with lending channel effects by tracing the anatomy of a credit …

covenants in facilitating the provision of credit. Since the Great Financial Crisis of 2008, the leveraged loan market has … witnessed unprecedented growth. CLOs play an increasingly central role in the provision of credit to corporations, holding as …

Our paper studies the role of the collateral channel for bank credit using confidential bank-firm-loan data. We … estimate that for a 1 percent increase in collateral values, firms pledging real estate collateral experience a 12 basis point … higher growth in bank lending with higher sensitivities for more credit constrained firms. Higher real estate values boost …