Real Estate Prices and Firm Capital Structure
研究了房地产价格如何影响美国上市公司的资本结构决策，发现抵押品价值每增加一个标准差，企业杠杆率上升约3个百分点，且企业会调整债务结构。
This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral values. Firms significantly change their debt structure in response to collateral value appreciation. The results indicate the importance of collateral values in mitigating potential informational imperfections.