House Prices, Collateral and Self-Employment

By Manuel Adelino, Antoinette Schoar, Felipe Severino. 2013

428 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/64b5c0b0f8e8d08284cbcaccba0db62383272c63

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Citations in the corpus

Supply Constraints Are Not Valid Instrumental Variables for Home Prices Because They Are Correlated with Many Demand Factors (2016, background): “(2012) and Adelino et al. (2015) use clever interactions between home prices and firm characteristics that obviate the need for a price instrument conditional on different assumptions from those evaluated in this paper.”
Firm Age, Investment Opportunities, and Job Creation (2016, positive): “The second channel by which housing could affect our results is emphasized in recent work by Adelino et al. (2013) and Schmalz et al. (2013), who argue that the increase in house prices also led to easier access to collateral for entrepreneurs, which in turn led to an increase in employment in firms”
Age and High-Growth Entrepreneurship (2020, background): “…using business data identifying employer businesses suggest financial constraints are particularly important for startups and young businesses (see Fort et al. 2014 and Adelino et al. 2015). accessing private debt markets.8 Firms with high growth potential might instead rely on equity markets.”
Cost of Living Inequality During the Great Recession (2016, background): “19See, for example, Mian and Sufi (2011, 2014); Adelino et al. (2013); Bhutta and Keys (2014). 20Stroebel and Vavra (2014) suggested this strategy, following Bartik (1991)’s intuition.”
Anatomy of Corporate Borrowing Constraints* (2020, background): “For early-stage private firms, several papers document that they rely on borrowing against residential real estate, and are exposed to fluctuations in property values (Adelino et al., 2015; Schmalz et al., 2017).”
How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size (2013, positive): “Adelino, Schoar, and Severino (2013) use the same Saiz (2010) instrument to document a disproportionate rise in employment at small establishments in areas with large, exogenous housing price increases during the same period.4 The authors perform various tests to assess whether their results are…”