Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment

By Jie Gan. 2007

474 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e4640ab8c827d19efc4ed74d86993b38690281d4

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Citations in the corpus

Housing Price Booms and Crowding-Out Effects in Bank Lending (2018, background): “Much has been written about the negative real effects of asset price crashes (see, e.g., Gan (2007a), Gan (2007b) and Peek and Rosengren (2000)).”
Optimal Time-Consistent Macroprudential Policy (2017, background): “The relevance of collateral in residential mortgage markets is self-evident, but in addition, evidence cited by Gan (2007) shows that roughly 70 percent of all commercial and industrial loans are secured with collateral in the United States, the United Kingdom, and Germany and that real estate is a…”
On the Real Effects of Bank Bailouts: Micro-Evidence from Japan (2009, background): “Nevertheless, banks became less willing to lend and this led to a credit crunch (Gan, 2007a).”
How do banks react to catastrophic events? Evidence from Hurricane Katrina (2019, unknown): “For example, using the land-price collapse in Japan in the early 1990s as exogenous shock, Gan (2007) reports that firms with greater collateral losses receive less credit and reduce investments.”
Real Assets and Capital Structure (2013, unknown): “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)).”
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment (2012, background): “This coefficient is directly comparable to Gan (2007), who also uses the average investment over the subsequent three years as a dependent variable.”
How Collateral Laws Shape Lending and Sectoral Activity (2016, unknown): “7 Large theoretical and empirical literatures examine the role of collateral in loan contracting, which we do not review in detail here, including Lacker (2001), Bester (1985), Chan and Thakor (1987), Berger and Udell (1990), Boot and Thakor (1994), Rajan and Winton (1995), Gorton and Kahn (2000), L”
Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy (2020, unknown): “As discussed in the paper, other studies employing a similar within-firm identification strategy have treated the estimated fixed effects as nuisance parameters (Gan 2007b; Khwaja and Mian 2008; Jiménez and Ongena 2012; Jiménez et al. 2014; Cingano et al. 2016).”
Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity (2016, unknown): “Among recent studies, the emphasis has been on variations in the value (Gan, 2007), quantity supply (Campello and Giambona, 2013), or salability (Benmelech, 2009) of assets that are used as collateral.”