The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

• 成果类型: Article
• 署名作者: Chaney, Thomas; Sraer, David; Thesmar, David
• 署名单位: University of Chicago; Princeton University; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.102.6.2381
• 发表日期: 2012
• 页码: 2381-2409
• 关键词: LIQUIDATION VALUES; house prices; constraints; CRISIS; cash

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)