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Real assets, collateral and the limits of debt capacity

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Abstract

Abstract We develop a model in which better quality firms separate themselves by issuing unsecured debt and committing to maintain a strong balance sheet, something lower‐quality firms find too costly to do. Lower‐quality firms, in contrast, pledge real assets in secured debt transactions. However, during turbulent financial periods, pooling occurs in the secured debt market, which raises the average quality of firms in that market. We use the 1998 Russian crisis together with the role played by Fannie Mae and Freddie Mac for apartment REITs to highlight the relation between financing outcomes and firm type.

Source: resolved

Document Metadata

Issuer
Wiley
Document Type
Research / Academic Paper
Publication Year
2018
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFEUSW9N0I
Validation
Inferred by XFID

Topics

Capital StructureReal Estate Finance

Cited by (1)

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Academic / report citation
Wiley (2018). Real assets, collateral and the limits of debt capacity. XFID: XF-EUSW9N0-I. Retrieved from https://xframework.id/XFEUSW9N0I
Identifier only
XF-EUSW9N0-I