Collateral eligibility of corporate debt in the Eurosystem
研究了欧元体系抵押品框架对公司债券的影响，发现抵押品资格认定后，公司证券借贷市场活跃度上升，合格债券收益率下降，并影响债券流动性。
We study the many implications of the Eurosystem collateral framework for corporate bonds. Using data on the evolving collateral eligibility list, we identify the first inclusion dates of bonds and issuers and use these events to find that the increased supply and demand for pledgeable collateral following eligibility (a) increases activity in the corporate securities lending market, (b) lowers eligible bond yields, and (c) affects bond liquidity. Thus, corporate bond lending relaxes the constraint of limited collateral supply and thereby improves market functioning.