NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Decline of Secured Debt

Efraim Benmelech, Nitish Kumar, Raghuram Rajan

NBER Working Paper No. 26637
Issued in January 2020

---- Acknowledgments ----

Efraim Benmelech is with the Kellogg School of Management and NBER, Nitish Kumar with the University of Florida, and Raghuram Rajan with the University of Chicago Booth School and NBER. The authors thank Douglas Baird, Jason Donaldson, Mark Flannery, Carola Frydman, John Graham, Joao Granja, Chris James, Christian Leuz, Kai Li, Yueran Ma, Michael Minnis, Giorgia Piacentino, Michael Roberts, Adriano Rampini, Andrei Shleifer, David Skeel and seminar participants at the Kellogg School of Management, Northwestern University Economic History and Finance seminars, University of British Columbia Sauder School of Business, University of Rochester and the Stockholm School of Economics for very helpful comments and discussions. Honghao Wang provided outstanding research assistance. Rajan thanks the Fama Miller Center, IGM, and the Stigler Center at Chicago Booth for funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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