Replication data for: The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Principal Investigator(s): View help for Principal Investigator(s) David Sraer; David Thesmar; Thomas Chaney
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| data | 08/02/2019 07:29:PM | ||
| progs | 08/02/2019 07:29:PM | ||
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application/pdf | 54.2 KB | 08/02/2019 03:29:PM |
Project Description
Summary:
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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)
Scope of Project
JEL Classification:
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D22 Firm Behavior: Empirical Analysis
G31 Capital Budgeting • Fixed Investment and Inventory Studies • Capacity
R30 General
D22 Firm Behavior: Empirical Analysis
G31 Capital Budgeting • Fixed Investment and Inventory Studies • Capacity
R30 General
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