Norden, Lars; van Kampen, Stefan - In: Journal of Banking & Finance 37 (2013) 12, pp. 5062-5072
We investigate whether and how corporate leverage depends on the structure of corporate assets. Based on a large panel dataset of US firms from 1990 to 2010, we show that property, plant and equipment are important drivers of the collateral channel, while inventories and receivables are less...