G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11883
DP11883 Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms
Denis Fougère; Rémy Lecat
发表日期2017-02-28
出版年2017
语种英语
摘要In this paper, we investigate the effect of real estate prices on productive investment. We build a simple theoretical framework of firms’ investment with credit rationing and real estate collateral. We show that real estate prices affect firms’ borrowing capacities through two channels. An increase in real estate prices raises the value of the firms’ pledgeable assets and mitigates the agency problem characterizing the creditor-entrepreneur relationship. It simultaneously cuts the expected profit due to the increase in the cost of inputs. While the literature only focuses on the first channel, the identification of the second channel allows for heterogeneous effects of real estate prices on investment across firms. We test our theoretical predictions using a large French database. We do find heterogeneous effects of real estate prices on productive investment depending on the position of the firms in the sectoral distributions of real estate holdings. Our preferred estimates indicate that a 10% increase in real estate prices causes a 1% decrease in the investment rate of firms in the first decile of the distribution but a 6% increase in the investment rate of firms belonging to the last decile.
主题Industrial Organization
关键词Firms’ investment Real estate prices Collateral channel Financial constraints
URLhttps://cepr.org/publications/dp11883
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540695
推荐引用方式
GB/T 7714
Denis Fougère,Rémy Lecat. DP11883 Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms. 2017.
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