Corporate Real Estate Ownership and Productivity Uncertainty
基于1984-2011年美国上市公司数据，实证检验企业房地产持有与生产率风险的关系，发现高生产率风险企业持有更少房地产，且房地产投资对现金流冲击的弹性为5.2%。
This article empirically tests the relationship between corporate real estate (CRE) holdings and productivity risks of firms. Using a large sample of public listed U.S. firms for the period from 1984 to 2011, we show that CRE ownership is significantly and negatively correlated with productivity risks of firms. Firms with high‐productivity risk own less CRE assets. When testing dynamic changes to CRE holdings, we estimate a significant and positive elasticity of CRE investments of 5.2% in response to cash flow shocks. If the adjustment cost is high, high‐risk firms are expected to hold less CRE assets, so that they could reduce potential losses associated with CRE holdings when negative productive shocks occur.