{"@context":{"@vocab":"https://cir.nii.ac.jp/schema/1.0/","rdfs":"http://www.w3.org/2000/01/rdf-schema#","dc":"http://purl.org/dc/elements/1.1/","dcterms":"http://purl.org/dc/terms/","foaf":"http://xmlns.com/foaf/0.1/","prism":"http://prismstandard.org/namespaces/basic/2.0/","cinii":"http://ci.nii.ac.jp/ns/1.0/","datacite":"https://schema.datacite.org/meta/kernel-4/","ndl":"http://ndl.go.jp/dcndl/terms/","jpcoar":"https://github.com/JPCOAR/schema/blob/master/2.0/"},"@id":"https://cir.nii.ac.jp/crid/1362262944740094848.json","@type":"Article","productIdentifier":[{"identifier":{"@type":"DOI","@value":"10.1257/aer.102.6.2381"}},{"identifier":{"@type":"URI","@value":"https://pubs.aeaweb.org/doi/pdf/10.1257/aer.102.6.2381"}}],"dc:title":[{"@value":"The Collateral Channel: How Real Estate Shocks Affect Corporate Investment"}],"description":[{"type":"abstract","notation":[{"@value":"<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>"}]}],"creator":[{"@id":"https://cir.nii.ac.jp/crid/1382262944740094848","@type":"Researcher","foaf:name":[{"@value":"Thomas Chaney"}],"jpcoar:affiliationName":[{"@value":"Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60657."}]},{"@id":"https://cir.nii.ac.jp/crid/1382262944740094849","@type":"Researcher","foaf:name":[{"@value":"David Sraer"}],"jpcoar:affiliationName":[{"@value":"Department of Economics Bendheim Center for Finance, Princeton University, 26 Prospect Avenue, Princeton, NJ 08540."}]},{"@id":"https://cir.nii.ac.jp/crid/1382262944740094850","@type":"Researcher","foaf:name":[{"@value":"David Thesmar"}],"jpcoar:affiliationName":[{"@value":"HEC School of Management, 1 rue de la Liberation, 78351 Jouy en Josas cedex, France."}]}],"publication":{"publicationIdentifier":[{"@type":"PISSN","@value":"00028282"}],"prism:publicationName":[{"@value":"American Economic Review"}],"dc:publisher":[{"@value":"American Economic Association"}],"prism:publicationDate":"2012-10-01","prism:volume":"102","prism:number":"6","prism:startingPage":"2381","prism:endingPage":"2409"},"reviewed":"false","url":[{"@id":"https://pubs.aeaweb.org/doi/pdf/10.1257/aer.102.6.2381"}],"createdAt":"2012-10-03","modifiedAt":"2020-06-02","relatedProduct":[{"@id":"https://cir.nii.ac.jp/crid/1050858286634004608","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["isReferencedBy"],"jpcoar:relatedTitle":[{"@language":"en","@value":"Lending pro-cyclicality and macroprudential policy: Evidence from Japanese LTV ratios"}]},{"@id":"https://cir.nii.ac.jp/crid/1360025430647096576","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["isReferencedBy"],"jpcoar:relatedTitle":[{"@value":"The collateral channel versus the bank lending channel: Evidence from a massive earthquake"}]},{"@id":"https://cir.nii.ac.jp/crid/1360584340723222656","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["isReferencedBy"],"jpcoar:relatedTitle":[{"@value":"<scp>FDI</scp>, financial constraint and partial ownership"}]},{"@id":"https://cir.nii.ac.jp/crid/1390282680492742272","@type":"Article","relationType":["isReferencedBy"],"jpcoar:relatedTitle":[{"@language":"ja","@value":"不動産市場から投資家は逃げたのか？"},{"@language":"en","@value":"Home Away From Home？"},{"@value":"不動産市場から投資家は逃げたのか? : 大規模災害が不動産市場にもたらす影響"},{"@language":"ja-Kana","@value":"フドウサン シジョウ カラ トウシカ ワ ニゲタ ノ カ? : ダイキボ サイガイ ガ フドウサン シジョウ ニ モタラス エイキョウ"}]},{"@id":"https://cir.nii.ac.jp/crid/1390850475731585536","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["isReferencedBy"],"jpcoar:relatedTitle":[{"@language":"en","@value":"A review of studies on the relationship between real estate market and firm financing and a note on the relevance of data employed for these studies"},{"@language":"ja","@value":"不動産と企業金融との連関に係る研究とデータの重要性"},{"@language":"ja-Kana","@value":"フドウサン ト キギョウ キンユウ ト ノ レンカン ニ カカル ケンキュウ ト データ ノ ジュウヨウセイ"}]}],"dataSourceIdentifier":[{"@type":"CROSSREF","@value":"10.1257/aer.102.6.2381"},{"@type":"CROSSREF","@value":"10.1016/j.jbankfin.2024.107315_references_DOI_AKuHNzLOtmHiMNEj61l3v9DzSur"},{"@type":"CROSSREF","@value":"10.5736/jares.29.4_47_references_DOI_AKuHNzLOtmHiMNEj61l3v9DzSur"},{"@type":"CROSSREF","@value":"10.1016/j.jfs.2020.100819_references_DOI_AKuHNzLOtmHiMNEj61l3v9DzSur"},{"@type":"CROSSREF","@value":"10.5736/jares.33.4_69_references_DOI_AKuHNzLOtmHiMNEj61l3v9DzSur"},{"@type":"CROSSREF","@value":"10.1111/twec.13561_references_DOI_AKuHNzLOtmHiMNEj61l3v9DzSur"}]}