The Valuation of Collateral in Bank Lending
研究同一银行对同一借款人在同一日期发放但由不同抵押品支持的贷款利差，发现抵押品平均降低借贷成本23个基点，且不同类型抵押品价值不同。
Abstract We study the valuation of collateral by comparing spreads on loans by the same bank, to the same borrower, at the same origination date, but backed by different types of collateral. Pledging collateral reduces borrowing costs by 23 BPS on average. The effect varies across different types of collateral, with marketable securities being most valuable, and real estate and accounts receivables and inventory being more valuable than fixed assets and a blanket lien. Further, the rate reduction from pledging collateral is sensitive to the value of the underlying collateral, and collateral tends to be more valuable for smaller and private firms and for loans with longer maturity.