The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

被引：433

作者：

Chaney, Thomas ^{[1
]}

Sraer, David ^{[2
]}

Thesmar, David ^{[3
]}

机构：

[1] Univ Chicago, Dept Econ, Chicago, IL 60657 USA

[2] Princeton Univ, Bendheim Ctr Finance, Dept Econ, Princeton, NJ 08540 USA

[3] HEC Sch Management, F-78351 Jouy En Josas, France

来源：

AMERICAN ECONOMIC REVIEW | 2012年 / 102卷 / 06期

关键词：

LIQUIDATION VALUES; HOUSE PRICES; CONSTRAINTS; CRISIS; CASH;

D O I：

10.1257/aer.102.6.2381

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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)

引用

页码：2381 / 2409

页数：29

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