Bankruptcy and the Collateral Channel
研究企业破产是否通过抵押品渠道对未破产的竞争对手产生负面外部性，利用美国航空业担保债务数据发现行业破产显著提高了其他企业的债务融资成本，可能放大经济下行周期。
ABSTRACT Do bankrupt firms impose negative externalities on their nonbankrupt competitors? We propose and analyze a collateral channel in which a firm's bankruptcy reduces the collateral value of other industry participants, thereby increasing their cost of debt financing. We identify the collateral channel using novel data of secured debt tranches issued by U.S. airlines that include detailed descriptions of the underlying collateral pools. Our estimates suggest that industry bankruptcies have a sizeable impact on the cost of debt financing of other industry participants. We discuss how the collateral channel may lead to contagion effects that amplify the business cycle during industry downturns.