主题：Collateral and Secured Debt
主讲人：Adriano Rampini，杜克大学富卡商学院皇冠足球比分经济学教授
时间：3月31日（周三）上午9:00-10:30
地点：4-101教室
语言：英文
摘要：
We distinguish between collateral and secured debt. Secured debt is explicitly collateralized, placing a lien on specific assets, which facilitates enforcement. Unsecured debt is a claim on unencumbered assets and thus implicitly collateralized. Tangible assets serve as collateral restricting both types of debt. The explicit collateralization of secured debt entails costs but enables higher leverage. Therefore, financially constrained firms use more secured debt both across and within firms. Our dynamic model is consistent with stylized facts on the relation between secured debt and measures of financial constraints and between leverage and tangible assets, and with evidence from a causal forest.
主讲人介绍：
Adriano Rampini is the William and Sue Gross Professor of Financial Economics and a Professor of Finance and Economics at Duke University. He received his Ph.D. in Economics from the University of Chicago and previously taught at Northwestern University.? Professor Rampini’s expertise is in financial economics and macroeconomics, and he is known for his work on capital reallocation, leasing, collateral, and risk management, which is published in top economics and finance journals including the American Economic Review, Review of Economic Studies, and Journal of Finance. He is the President of FARFE, a past President of FTG, and a Director of FIRS.? He is an NBER Research Associate and CEPR Research Fellow.