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Do Liquidation Values Affect Financial Contracts Evidence From Commercial Loan Contracts and Zoning Regulation Efraim B

Summary. The question:How does the liquidation value of loan collateral affect the terms of the loan and likelihood of financing?MotivationTest theories of Harris and Raviv (1990), Shliefer and Vishny (1992), Hart and Moore (1994), Bolton and Scharfstein (1996), etc.Empirical ApproachRegress co

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Do Liquidation Values Affect Financial Contracts Evidence From Commercial Loan Contracts and Zoning Regulation Efraim B

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    1. Do Liquidation Values Affect Financial Contracts? Evidence From Commercial Loan Contracts and Zoning Regulation Efraim Benmelech Mark J. Garmaise Tobias J. Moskowitz Discussion by: Michael R. Roberts 2005 Western Finance Association

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