不動産と企業金融との連関に係る研究とデータの重要性
2020 年 33 巻 4 号 p. 69-73
詳細
2020 年 33 巻 4 号 p. 69-73
This article reviews several studies that have examined the impact of collateral value of real estate on firms’investment and financing and emphasizes the importance of firm-level data employed for analysis. It first reviews two seminal studies, Gan（ 2007） for Japan and Chaney et al.（ 2012） for the United States, to point out their contributions as well as potential identification problems. It then explains that Uesugi et al. （2018） address some of these identification issues by taking advantage of exogenous shocks to real estate values caused by a natural disaster. Lastly, the article provides a few suggestions of data sources for future research.
