-lending revenues, and those that pledge collateral, especially outside assets and real estate, experience less credit rationing …

A unique legal reform in 2004 in Sweden redistributed collateral rights from banks holding floating liens to unsecured …, we document that a zero-sum redistribution of collateral rights and the resulting reduction in collateral capacity …

estate collateral. This is most pronounced for opaque (for example, very young) firms. Through an extension to our model and … our choice of specification, we show that our findings are most consistent with a collateral-value-based credit supply …