Home Values and Firm Behavior
利用英国微观数据，研究发现企业董事的住房价值每增加1英镑，企业投资增加0.03英镑，该效应在住房价值相对企业资产较高、融资受限且董事个人杠杆较高的企业中更为显著。
The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a £1 increase in the value of the homes of a firm’s directors increases the firm’s investment by £0.03. This effect is concentrated among firms whose directors’ homes are valuable relative to the firm’s assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors’ homes are as important as corporate property for collateral driven fluctuations in aggregate investment demand.