We find that positive collateral shocks caused by increases in local real estate prices increase firms’ propensities to …. After collateral value appreciation, acquirers issue more bank debt, secured debt, and lines of credit to finance … acquisitions and show a preference for cash offer over equity offer to finance M&As. M&As driven by positive collateral shocks …

collateral assume that aggregate capital is fixed or apply models where production does not depend on capital. I find that it is … borrowing during crises, as capital serves as collateral in debt contracts. As a main result, I find that the optimal …

against significant policy errors. Ending the reliance on credit rating agencies for determining the collateral eligibility of …