NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?

Jing Wu, Joseph Gyourko, Yongheng Deng

NBER Working Paper No. 18762
Issued in February 2013

---- Acknowledgements -----

We appreciate the comments of Jie Gan, Matthew Turner, Gabriel Ehrlich, and participants at presentations at the “2012 Symposium on China’s Housing Financial Markets” held at Peking University’s Guanghua School of Management, the 2012 NBER Working Group Meeting on the Chinese Economy, the 2013 AREUEA Annual Conference, and Tsinghua University. Gyourko thanks the Research Sponsors Program of the Zell/Lurie Real Estate Center and the Global Research Initiatives Project at Wharton for financial support. Deng and Wu thank the Institute of Real Estate Studies at National University of Singapore for financial support. Wu also thanks the National Natural Science Foundation of China for financial support (No. 71003060). We gratefully acknowledge Jia He, Chaoqun Ren and Mingyue Li for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Joseph Gyourko -----

Gyourko gratefully acknowledges support from the Research Sponsors Program of the Zell/Lurie Real Estate Center at Wharton and the Global Research Initiatives Project at Wharton.

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