The uniqueness of short-term collateralization

The uniqueness of short-term collateralization

by Leora Klapper

Part of Policy research working paper ;

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A secured letter-of-credit loan allows a lender to make larger loans than would be permissible on an unsecured basis, maximizing a risky borrower's investment capital. Empirical evidence shows that secured letters of credit are used by borrowers who are informationally opaque and have higher observable risk. Such borrowers also have fewer growth opportunities and are less likely to pay dividends.

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