By allowing large classes of movable assets to be used as collateral, the Property Law reform trans-formed the secured … transactions in China. Difference-in-differences tests 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 amendments to the corporate tax structure …

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 …

-mentioned key services, especially when programmes are larger and/or are retained by the issuer for use as collateral with the … for networks based on the use of securities as Eurosystem collateral. These findings help demonstrate the importance of …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

In his basic model of debt renegotiation, Bester (1994) argues that collateral is more effective if high risk projects … high probability of default, that makes collateral more effective. Instead it turns out that, given the expected return …, the probability of default has no impact on the collateral's effective-ness. Moreover, an increasing risk of the project …

We explore the determinants of liquidation values of collateral, focusing on the potential buyers of assets. When a fi … and risk-shifting in loan contracts. Our contribution reveals that collateral does not necessarily solve for the asset …