The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

By Thomas Chaney, David Sraer, David Thesmar. 2012

919 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/de1a3fb7ffbf6779d4639e325c31780b5bd24215

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Citations in the corpus

House Prices, Collateral and Self-Employment (2013, methodology): “This ignores the role that collateral value plays for larger firms, as pointed out in Chaney, Sraer, and Thesmar (2012), Cvijanovic (2013), and Chakraborty, Goldstein, and MacKinlay (2013).”
Collateral Constraints and Macroeconomic Asymmetries (2013, positive): “…could also be relevant for fixed investment, government spending, or the trade balance.28 28 See for instance Adelino, Schoar, and Severino (2013), Chaney, Sraer, and Thesmar (2012) for investment; Barboza (2011) for government spending; Klapper, Laeven, and Rajan (2012) for trade credit.”
Do land revenue windfalls create a political resource curse? Evidence from China ☆ (2016, methodology): “This identification strategy follows essentially that of Mian and Sufi (2011) and Chaney et al. (2012), who instrument regional real estate prices by interacting the elasticity”
Real Assets and Capital Structure (2013, positive): “Chaney, Sraer, and Thesmar (2012) use data on corporate holdings of land to show that shocks to the value of real estate affect a firm’s ability to invest (see also Gan (2007)).”
How Collateral Laws Shape Lending and Sectoral Activity (2016, neutral): “…(2005), Jimenez et al. (2006), Gan (2007), Djankov et al. (2007), Ono and Uesugi (2009), Benmelech (2009), Benmelech and Bergman (2009, 2011), Berger et al. (2011, 2013), Godlewski and Weill (2011), Chaney et al. (2012), Rampini and Viswanathan (2013), Campello and Giambona (2013), and Mann (2015).”
Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity (2016, positive): “Chaney, Sraer, and Thesmar (2012) consider the impact of land prices on the connection between collateral and investment.”
The impact of climate change on the cost of bank loans (2020, positive): “consistent with the arguments in Chava (2014) and Bolton and Kacperczyk (2020c) that”
Urban Vibrancy and Corporate Growth (2015, positive): “g, Ciccone and Hall (1996)), with more recent studies exploring similar issues in the time-series.”
Financial Stress and Economic Dynamics: The Transmission of Crises (2015, positive): “For example, Chaney et al. (2012), and Liu et al. (2013), describe empirically and model structurally, respectively, how the value of real estate played a role in the decline of business …xed investment during the Great Recession.”