The Secured Credit Premium and the Issuance of Secured Debt
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Credit spreads for secured debt are lower than for unsecured debt, especially when a firms credit quality deteriorates, the economy slows, or average credit spreads widen. Yet investment grade firms tend to be reluctant to issue secured debt at all times. In contrast, we find that for firms that are
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美国国家经济研究局创建时间：
2020-03-01
