COLLATERAL REQUIREMENTS AND ASSET PRICES
研究了资产作为抵押品的能力如何影响其价格和回报，发现抵押借款会显著增加长期资产的回报波动性，且抵押品溢价即使对不支付股息的资产也可能为正。
Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In this article, we investigate this collateral premium and its impact on asset returns in an infinite‐horizon general equilibrium model with heterogeneous agents. We document that borrowing against collateral substantially increases the return volatility of long‐lived assets. Moreover, otherwise identical assets with different degrees of collateralizability exhibit substantially different return dynamics because their prices contain a sizable collateral premium that varies over time. This premium can be positive even for assets that never pay dividends.