Collateral Shocks and Corporate Employment

被引：42
作者：
Ersahin, Nuri [1 ]
Irani, Rustom M. [2 ]
机构：
[1] Michigan State Univ, Eli Broad Coll Business, E Lansing, MI 48824 USA
[2] Univ Illinois, Gies Coll Business, Urbana, IL 61801 USA
来源：
REVIEW OF FINANCE | 2020年 / 24卷 / 01期
关键词：
Credit constraints; Collateral lending channel; Employment; Real estate; HOUSE PRICES; CEO OVERCONFIDENCE; LABOR; DEBT; RISK; COSTS;
D O I：
10.1093/rof/rfy036
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We analyze how firm-level shocks to collateral values influence employment outcomes among US corporations. Using comprehensive employment data from the US Census Bureau, we estimate that employment expenditures increase by $0.10 per $1 increase in firms' real estate collateral values. These effects are stronger among financially constrained firms, and additional hiring is funded through debt issuance, consistent with a collateral channel. This relation holds among firms in tradable goods sectors, alleviating concerns about local demand shocks. Thus, through a collateral lending channel, fluctuations in the US commercial real estate market are an important driver of corporate labor demand.
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页码：163 / 187
页数：25
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