Do Real Estate Shocks Affect Corporate Investment?
نویسندگان
چکیده
منابع مشابه
Financial Flexibility and Corporate Cash Policy
Using variations in local real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on cash policies of US firms. Building on this natural experiment, we find strong evidence that increases in real estate values lead to smaller corporate cash reserves, declines in the marginal value of cash holdings, and lower cash flow se...
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