Loan Rates and Collateral

Aron A. Gottesman · Gordon S. Roberts

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Credit Risk and Financial Regulations Banking stability, regulation, efficiency Corporate Finance and Governance

Abstract

Abstract We investigate the relation between corporate loan spreads and collateralization. We use propensity scoring to create a matched sample of pairs of loan facilities from the Dealscan database. We find that noncollateralized loans are associated with lower spreads even after controlling for risk.

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1995Relationship Lending and Lines of Credit in Small Firm Finance 1979On financial contracting 1985Screening vs. Rationing in Credit Markets with Imperfect Information 1990Collateral, loan quality and bank risk 1987Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets 1998Lending relationships in Germany – Empirical evidence from survey data 1985An analysis of secured debt 1987The role of collateral in credit markets with imperfect information

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