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Real Estate Prices and Firm Capital Structure

Cvijanovic, Dragana - ;

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.


Ketersediaan

Call NumberLocationAvailable
RFS2709PSB lt.dasar - Pascasarjana1
PenerbitOxford: Oxford University Press 2014
EdisiVol. 27 No. 9, Sep 2014
SubjekReal estate prices
Firm Capital Structure
ISBN/ISSN1465-7368
KlasifikasiNONE
Deskripsi Fisik2840 p.
Info Detail SpesifikThe Review of Financial Studies
Other Version/RelatedTidak tersedia versi lain
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  • Real Estate Prices and Firm Capital Structure

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