Collateral and the Choice Between Bank Debt and Public Debt
利用当地房地产价格波动引起的企业房地产资产市场价值的外生变化，检验抵押品价值如何影响企业在银行债务和公共债务之间的选择。研究发现，抵押品价值每增加一个标准差，银行债务占总债务的比例就会上升6个百分点。
This paper tests how collateral value affects a firm’s choice between bank debt and public debt by considering the exogenous variation in the market value of a firm’s real-estate assets caused by fluctuations in local real-estate prices. Using local land supply elasticities as an instrument for local real-estate prices, I estimate that a one-standard-deviation increase in collateral value causes bank debt as a fraction of total debt to increase by six percentage points. This paper was accepted by Wei Jiang, finance.