Firms save from bonds but not from loans
实证研究发现，企业每通过债券借入1美元，会储蓄约14美分，而从贷款中借款则没有类似储蓄行为；资产有形性越低、资产期限越短，债券借款的储蓄率越高。
We empirically study the corporate propensity to save from bonds versus loans. Our findings indicate that firms save approximately 14 cents of every dollar borrowed through bonds, while they do not exhibit similar savings behavior with loans. Saving from bonds is pervasive over time, and in the cross-section pledgeability is a key driver of this behavior. Specifically, we find that lower asset tangibility and shorter asset maturities are linked to substantial increases in saving rates from bond borrowings. We show that our results align with a model that incorporates external financing frictions and costly default.