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The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

Chaney, Thomas ; Sraer, David ; Thesmar, David

The American economic review, 2012-10, Vol.102 (6), p.2381-2409 [Periódico revisado por pares]

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Título:
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Autor: Chaney, Thomas ; Sraer, David ; Thesmar, David
Assuntos: Coefficients ; Collateral ; Corporate finance ; Debt repayment ; Economic shock ; Economics and Finance ; Financial investments ; Firm value ; Housing prices ; Humanities and Social Sciences ; Investment decision ; Investment value ; Market prices ; Price elasticity ; Price elasticity of supply ; Prices ; Property ownership ; Real estate ; Real estate economics ; Real estate market
É parte de: The American economic review, 2012-10, Vol.102 (6), p.2381-2409
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: 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.
Editor: Nashville: American Economic Association
Idioma: Inglês

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