Housing Collateral and Entrepreneurship

• 成果类型: Article
• 署名作者: Schmalz, Martin C.; Sraer, David A.; Thesmar, David
• 署名单位: University of Michigan System; University of Michigan; University of California System; University of California Berkeley; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12468
• 发表日期: 2017
• 页码: 99-132
• 关键词: liquidity constraints; corporate-investment; liquidation values; natural experiment; household wealth; prices; consumption; CONTRACTS; channel; RISK

摘要

We show that collateral constraints restrict firm entry and postentry growth, using French administrative data and cross-sectional variation in local house-price appreciation as shocks to collateral values. We control for local demand shocks by comparing treated homeowners to controls in the same region that do not experience collateral shocks: renters and homeowners with an outstanding mortgage, who (in France) cannot take out a second mortgage. In both comparisons, an increase in collateral value leads to a higher probability of becoming an entrepreneur. Conditional on entry, treated entrepreneurs use more debt, start larger firms, and remain larger in the long run.