Collateral pricing
We examine how collateral affects the cost of debt capital. Using a novel data set of secured debt issued by U.S. airlines, we construct industry-specific measures of collateral redeployability. We show that debt tranches that are secured by more redeployable collateral exhibit lower credit spreads,...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
Elsevier
2010
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| Subjects: | |
| Online Access: | http://hdl.handle.net/1721.1/52526 https://orcid.org/0000-0001-6486-333X |