Asset Measurement in Imperfect Credit Markets
研究了企业如何计量用作抵押品的生产性资产，发现最优计量具有不对称性，且信贷摩擦低时报告高抵押价值精确信息，高时则相反，信贷紧缩可能增加不透明计量和低效投资。
ABSTRACT How should a firm measure a productive asset used as collateral? To answer this question, we develop a model in which firms borrow funds subject to collateral constraints. We characterize the qualities of optimal asset measurements and analyze their interactions with financing needs, collateral constraints, and interest rates. Because of real effects, complete transparency would reduce contracting efficiency and, hence, the measurement must be suitably adapted to credit conditions. The optimal measurement is asymmetric and reports precise information about high collateral values if credit frictions are low, but the reverse if credit frictions are high. Tighter credit market conditions may lead to more opaque measurements and increased investment, in the form of inefficient continuations.