By allowing large classes of movable assets to be used as collateral, the Property Law reform transformed the secured … transactions in China. Difference-in-differences test show firms operating with ex-ante more movable assets expand access to bank … structure in China. We conduct explicit robustness tests for these other reforms and hence contribute to the empirical …

experiment, the enactment of China's Property Rights Law in 2007 (the Law). Using a large dataset of non-listed firms, we … financially constrained firms as creditor rights are strengthened. We also document a leverage decline in China's listed firms …

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 …

We quantify the importance of collateral versus taxes for firms' capital structures. We estimate a dynamic contracting … model in which a firm seeks financing and is subject to taxation. In the model, collateral constraints arise endogenously …