"We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited … in particular redeployable collateral, lowers the cost of external financing and increases debt capacity …

We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited … in particular redeployable collateral, lowers the cost of external financing and increases debt capacity …

We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited … in particular redeployable collateral, lowers the cost of external financing and increases debt capacity …