We show that laws and institutions that strengthen creditor protection increase expected recovery rates on collateral … using unique internal bank data on ex-ante appraised liquidation values and market values of assets pledged as collateral … from secured loans in 16 countries. Stronger creditor protection increases expected recovery rates on movable collateral …

increase expected recovery rates on collateral. Using unique data that provides ex-ante appraised liquidation values on secured … that movable collateral, which is less redeployable, susceptible to agency problems, and faster to depreciate, exhibits …

(DFI), and an institutional investor under the guarantee structure. A solar power developer in India is operating a solar …