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UID:20251118T110917EST-575582uEcD@132.216.98.100
DTSTAMP:20251118T160917Z
DESCRIPTION:Efraim Benmelech\n\nNorthwestern University\n\nDebt and Assets
 \n\nDate: Friday\, November 21\,2025\n	Time: 10:30-11:45 am\n	Location: Bron
 fman Bldg. (1001 Sherbrooke St. West)\, Room 245\n\nAll are cordially invi
 ted to attend.\n\nAbstract:\n\nWe examine the importance of corporate asse
 ts in supporting debt. Prior studies typically see only secured debt as as
 set backed\, while the rest is deemed cash flow based. This implies only a
  small fraction of US debt is asset backed. Yet because corporations often
  resist offering security explicitly to debt\, much unsecured debt is impl
 icitly asset backed. Moreover\, we find that the degree to which unsecured
  debt is asset backed can change with a firm’s condition and the economic 
 situation. Consequently\, asset values can affect the quantum and price of
  borrowing\, with effects accentuated in adverse economic conditions\, as 
 suggested by financial accelerator theories. Given that a corporation’s de
 bt is typically supported by both expected cash flows and assets\, with th
 e relative support varying with time and situation\, the industry practice
  of classifying debt as “asset based” or “cash flow based” is overly categ
 orical\, especially for long term corporate bonds.\n
DTSTART:20251121T153000Z
DTEND:20251121T164500Z
LOCATION:Room 245\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Efraim Be
 nmelech 
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-efraim-benmelech-368919
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