Real Assets, Collateral and the Limits of Debt Capacity
构建模型区分高质量与低质量企业的债务选择：高质量企业发行无抵押债务并维持强健资产负债表，低质量企业以实物资产抵押借款；但金融动荡时抵押债务市场出现混同，提高该市场平均质量。以1998年俄罗斯危机及房利美和房地美对公寓REITs的作用为例说明。
Abstract We develop a model in which better quality firms separate themselves by issuing unsecured debt and committing to maintain a strong balance sheet, something lower‐quality firms find too costly to do. Lower‐quality firms, in contrast, pledge real assets in secured debt transactions. However, during turbulent financial periods, pooling occurs in the secured debt market, which raises the average quality of firms in that market. We use the 1998 Russian crisis together with the role played by Fannie Mae and Freddie Mac for apartment REITs to highlight the relation between financing outcomes and firm type.