Igawa, Kazuhiro; Kanatas, George - In: Journal of Financial and Quantitative Analysis 25 (1990) 04, pp. 469-490
In a credit market characterized by a priori asymmetric information, collateral not only can identify credit applicants but also can result in moral hazard involving the borrower's use of pledged assets. The borrower's other alternatives are to apply for unsecured bank credit and be priced as...
