Dataciencia

Colección SciELO Chile

How collateral laws shape lending and sectoral activity

Indexado

WoS	WOS:000390637700008
Scopus	SCOPUS_ID:85000763574

DOI

10.1016/J.JFINECO.2016.09.005

Año

2017

Tipo

artículo de investigación

Citas Totales

Autores Afiliación Chile

Instituciones Chile

% Participación
Internacional

Autores
Afiliación Extranjera

Instituciones
Extranjeras

Abstract

We demonstrate the central importance of creditors' ability to use movable assets as collateral (as distinct from immovable real estate) when borrowing from banks. Using a unique cross-country micro-level loan data set containing loan-to-value ratios for different assets, we find that loan-to-values of loans collateralized with movable assets are lower in countries with weak collateral laws, relative to immovable assets, and that lending is biased toward the use of immovable assets. Using sector-level data, we find that weak movable collateral laws create distortions in the allocation of resources that favor immovable-based production and investment. An analysis of Slovakia's collateral law reform confirms our findings. (C) 2016 Elsevier B.V. All rights reserved.

Revista

Revista	ISSN
Journal Of Financial Economics	0304-405X

Métricas Externas

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Disciplinas de Investigación

WOS
Economics
Business, Finance

Scopus
Sin Disciplinas

SciELO
Sin Disciplinas

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Publicaciones WoS (Ediciones: ISSHP, ISTP, AHCI, SSCI, SCI), Scopus, SciELO Chile.

Colaboración Institucional

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Autores - Afiliación

Ord.	Autor	Género	Institución - País
1	Calomiris, Charles W.	Hombre	Columbia Business Sch - Estados Unidos Natl Bur Econ Res - Estados Unidos Columbia Business School - Estados Unidos National Bureau of Economic Research - Estados Unidos
2	Larrain, Mauricio	Hombre	Columbia Business Sch - Estados Unidos Pontificia Universidad Católica de Chile - Chile Columbia Business School - Estados Unidos
3	Liberti, Jose	Hombre	DePaul Univ - Estados Unidos NORTHWESTERN UNIV - Estados Unidos DePaul University - Estados Unidos Northwestern University - Estados Unidos Kellogg School of Management Northwestern University - Estados Unidos
4	Sturgess, Jason	Hombre	DePaul Univ - Estados Unidos DePaul University - Estados Unidos

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Financiamiento

Fuente
Jerome A. Chazen Institute of International Business at Columbia Business School

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Agradecimientos

Agradecimiento
We thank Emily Breza, Murillo Campello, Qianqian Du (discussant), Scott Frame (discussant), Todd Gormley, Li Jin (discussant), Martin Oehmke, Arito Ono (discussant), Tomasz Piskorski, Jacopo Ponticelli (discussant), Philip Strahan, Greg Udell, Paolo Volpin (discussant), Daniel Wolfenzon, Baozhong Yang (discussant), Zacharias Sautner (discussant), Stefan Zeume (discussant), a particularly helpful referee, and seminar participants at the European Bank for Reconstruction and Development (ERBD), Laboratoire d'Excellence Regulation Financiere (LabEx ReFi), Columbia University New York University Junior Corporate Finance Meeting, Columbia Business School, National Bureau of Economic Research Law and Economics Meeting, Centre for Economic Policy Research (CEPR) Workshop on Corporate Financing (Oxford, UK), Catolica Lisbon-Nova SBE (Lisbon, Portugal), Junior Faculty Roundtable at University of North Carolina at Chapel Hill, Symposium on Emerging Financial Markets (Columbia University, New York City), Federal Reserve Board, Mexico Autonomous Institute of Technology (ITAM) Finance Conference (Mexico City, Mexico), Money and Finance Research (MoFIR) Workshop on Banking (Kobe, Japan), University of New South Wales (Sydney, Australia), International Monetary Fund, China International Conference in Finance (Shenzhen, China), Catholic University of Chile, University of Chile, University Adolfo Ibanez, University Los Andes, Central Bank of Chile, European Finance Association Meeting (Vienna, Austria), American Finance Association (San Francisco, California), University of Manchester, Lancaster University, Duke University, Harvard University, and Boston College for helpful comments. Jason Lee provided excellent research assistance. We are grateful for funding from the Jerome A. Chazen Institute of International Business at Columbia Business School.
We thank Emily Breza, Murillo Campello, Qianqian Du (discussant), Scott Frame (discussant), Todd Gormley, Li Jin (discussant), Martin Oehmke, Arito Ono (discussant), Tomasz Piskorski, Jacopo Ponticelli (discussant), Philip Strahan, Greg Udell, Paolo Volpin (discussant), Daniel Wolfenzon, Baozhong Yang (discussant), Zacharias Sautner (discussant), Stefan Zeume (discussant), a particularly helpful referee, and seminar participants at the European Bank for Reconstruction and Development (ERBD), Laboratoire d'Excellence Regulation Financière (LabEx ReFi), Columbia University–New York University Junior Corporate Finance Meeting, Columbia Business School, National Bureau of Economic Research Law and Economics Meeting, Centre for Economic Policy Research (CEPR) Workshop on Corporate Financing (Oxford, UK), Catolica Lisbon-Nova SBE (Lisbon, Portugal), Junior Faculty Roundtable at University of North Carolina at Chapel Hill, Symposium on Emerging Financial Markets (Columbia University, New York City), Federal Reserve Board, Mexico Autonomous Institute of Technology (ITAM) Finance Conference (Mexico City, Mexico), Money and Finance Research (MoFiR) Workshop on Banking (Kobe, Japan), University of New South Wales (Sydney, Australia), International Monetary Fund, China International Conference in Finance (Shenzhen, China), Catholic University of Chile, University of Chile, University Adolfo Ibañez, University Los Andes, Central Bank of Chile, European Finance Association Meeting (Vienna, Austria), American Finance Association (San Francisco, California), University of Manchester, Lancaster University, Duke University, Harvard University, and Boston College for helpful comments. Jason Lee provided excellent research assistance. We are grateful for funding from the Jerome A. Chazen Institute of International Business at Columbia Business School.

Agradecimiento

We thank Emily Breza, Murillo Campello, Qianqian Du (discussant), Scott Frame (discussant), Todd Gormley, Li Jin (discussant), Martin Oehmke, Arito Ono (discussant), Tomasz Piskorski, Jacopo Ponticelli (discussant), Philip Strahan, Greg Udell, Paolo Volpin (discussant), Daniel Wolfenzon, Baozhong Yang (discussant), Zacharias Sautner (discussant), Stefan Zeume (discussant), a particularly helpful referee, and seminar participants at the European Bank for Reconstruction and Development (ERBD), Laboratoire d'Excellence Regulation Financiere (LabEx ReFi), Columbia University New York University Junior Corporate Finance Meeting, Columbia Business School, National Bureau of Economic Research Law and Economics Meeting, Centre for Economic Policy Research (CEPR) Workshop on Corporate Financing (Oxford, UK), Catolica Lisbon-Nova SBE (Lisbon, Portugal), Junior Faculty Roundtable at University of North Carolina at Chapel Hill, Symposium on Emerging Financial Markets (Columbia University, New York City), Federal Reserve Board, Mexico Autonomous Institute of Technology (ITAM) Finance Conference (Mexico City, Mexico), Money and Finance Research (MoFIR) Workshop on Banking (Kobe, Japan), University of New South Wales (Sydney, Australia), International Monetary Fund, China International Conference in Finance (Shenzhen, China), Catholic University of Chile, University of Chile, University Adolfo Ibanez, University Los Andes, Central Bank of Chile, European Finance Association Meeting (Vienna, Austria), American Finance Association (San Francisco, California), University of Manchester, Lancaster University, Duke University, Harvard University, and Boston College for helpful comments. Jason Lee provided excellent research assistance. We are grateful for funding from the Jerome A. Chazen Institute of International Business at Columbia Business School.

We thank Emily Breza, Murillo Campello, Qianqian Du (discussant), Scott Frame (discussant), Todd Gormley, Li Jin (discussant), Martin Oehmke, Arito Ono (discussant), Tomasz Piskorski, Jacopo Ponticelli (discussant), Philip Strahan, Greg Udell, Paolo Volpin (discussant), Daniel Wolfenzon, Baozhong Yang (discussant), Zacharias Sautner (discussant), Stefan Zeume (discussant), a particularly helpful referee, and seminar participants at the European Bank for Reconstruction and Development (ERBD), Laboratoire d'Excellence Regulation Financière (LabEx ReFi), Columbia University–New York University Junior Corporate Finance Meeting, Columbia Business School, National Bureau of Economic Research Law and Economics Meeting, Centre for Economic Policy Research (CEPR) Workshop on Corporate Financing (Oxford, UK), Catolica Lisbon-Nova SBE (Lisbon, Portugal), Junior Faculty Roundtable at University of North Carolina at Chapel Hill, Symposium on Emerging Financial Markets (Columbia University, New York City), Federal Reserve Board, Mexico Autonomous Institute of Technology (ITAM) Finance Conference (Mexico City, Mexico), Money and Finance Research (MoFiR) Workshop on Banking (Kobe, Japan), University of New South Wales (Sydney, Australia), International Monetary Fund, China International Conference in Finance (Shenzhen, China), Catholic University of Chile, University of Chile, University Adolfo Ibañez, University Los Andes, Central Bank of Chile, European Finance Association Meeting (Vienna, Austria), American Finance Association (San Francisco, California), University of Manchester, Lancaster University, Duke University, Harvard University, and Boston College for helpful comments. Jason Lee provided excellent research assistance. We are grateful for funding from the Jerome A. Chazen Institute of International Business at Columbia Business School.