Home Values and Firm Behavior

被引：35

作者：

Bahaj, Saleem ^{[1
,2
]}

Foulis, Angus ^{[1
,2
]}

Pinter, Gabor ^{[1
,2
]}

机构：

[1] BoE, London, England

[2] CfM, London, England

来源：

AMERICAN ECONOMIC REVIEW | 2020年 / 110卷 / 07期

关键词：

HOUSE PRICES; CREDIT MARKETS; DEBT; CONSTRAINTS; CONSUMPTION; INVESTMENT; LIQUIDITY; MATURITY; EXPERIENCES; BANKRUPTCY;

D O I：

10.1257/aer.20180649

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a 1 pound increase in the value of the homes of a firm's directors increases the firm's investment by 0.03 pound. This effect is concentrated among firms whose directors' homes are valuable relative to the firm's assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors' homes are as important as corporate property for collateral driven fluctuations in aggregate investment demand.

引用

页码：2225 / 2270

页数：46

共 86 条

[1]

Adam Klaus, 2018, 24629 NUER

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