We study the many implications of the Eurosystem collateral framework for corporate bonds. Using data on the evolving collateral eligibility list, we identify the first inclusion dates of bonds and issuers and use these events to find that the increased supply and demand for pledgeable collateral following eligibility (a) increases activity in the corporate securities lending market, (b) lowers eligible bond yields, and (c) affects bond liquidity. Thus, corporate bond lending relaxes the constraint of limited collateral supply and thereby improves market functioning.

中文翻译：

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欧元体系中公司债务的抵押资格

我们研究欧元体系抵押框架对公司债券的诸多影响。使用不断变化的抵押品资格列表上的数据，我们确定了债券和发行人的首次纳入日期，并利用这些事件发现，在资格之后，可质押抵押品的供应和需求增加（a）增加了企业证券借贷市场的活动，（b） ) 降低合格债券收益率，并且 (c) 影响债券流动性。因此，公司债券借贷放松了有限抵押品供应的约束，从而改善了市场功能。