The Collateral Channel: How Real Estate Shocks Affect Corporate Investment

Thomas Chaney, David Sraer, David Thesmar

NBER Working Paper No. 16060
Issued in June 2010

---- Acknowledgements -----

We are grateful to Institut Europlace de Finance for financial support. For their helpful comments, we would like to thank Nicolas Coeurdacier, Stefano DellaVigna, Denis Gromb, Luigi Guiso, Thierry Magnac, Ulrike Malmendier, Atif Mian, Adam Szeidl and Jean Tirole. We are especially indebted to Chris Mayer, for providing us with the Global Real Analytics data. We are also grateful to seminar participants at INSEE in Paris, USC, UC San Diego Rady School of Management, NYU Stern, MIT Sloan, the University of Amsterdam, London Business School, Oxford’s Sa ̈ıd School of Business, the University of Chicago, the European University Institute in Florence, Bocconi University, Toulouse University, the Kellog School of Management, Princeton University, the Haas School of Business at Berkeley, and the University of Naples. We are solely responsible for all remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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