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- Thomas Chaney
- Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60657.
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- David Sraer
- Department of Economics Bendheim Center for Finance, Princeton University, 26 Prospect Avenue, Princeton, NJ 08540.
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- David Thesmar
- HEC School of Management, 1 rue de la Liberation, 78351 Jouy en Josas cedex, France.
書誌事項
- 公開日
- 2012-10-01
- DOI
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- 10.1257/aer.102.6.2381
- 公開者
- American Economic Association
この論文をさがす
説明
<jats:p> What is the impact of real estate prices on corporate investment? In the presence of financing frictions, firms use pledgeable assets as collateral to finance new projects. Through this collateral channel, shocks to the value of real estate can have a large impact on aggregate investment. To compute the sensitivity of investment to collateral value, we use local variations in real estate prices as shocks to the collateral value of firms that own real estate. Over the 1993–2007 period, the representative US corporation invests $0.06 out of each $1 of collateral. (JEL D22, G31, R30) </jats:p>
収録刊行物
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- American Economic Review
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American Economic Review 102 (6), 2381-2409, 2012-10-01
American Economic Association
