Making the concept a little more abstract can help: if you have personal access to capital because you've got collateral, that has numerous beneficial effects, as some of the other commenters here have pointed out. This effect might be less strong in the US because we have relatively well run capital markets that you can invest in. This would be a book length post to dive into all of the details of it but the net effect is plain to see. It's one of those things that looks a little irrational but in practical terms it's a proven benefit.