Lecture: Housing Boom and Bust, Real Estate Ownership, and R&D Investment
发布日期： 2015-12-28 来源：dwjl 
1593
1593 Title: Housing Boom and Bust, Real Estate Ownership, and R&D Investment
Lecturer: Prof. Jinlan NI
Host: Prof. Liuyong YANG
Time: 10:00-11:30 a.m., 29 December 2015
Location: 418 meeting room, School of Economics (Yuquan Campus)
Abstract:
Firm innovation is essential to long-run economic growth. Financially constrained, R&D firms may use firm-owned properties as collateral to finance their investment projects. Therefore, real estate appreciation can result in more R&D investment. By examining U.S. listed R&D firms during the housing boom period 2002-2006, we find that a $1 increase in real estate value leads a R&D firm to increase its total investment by $1.2. We also find that this collateral effect is stronger among financially constrained R&D firms than that among unconstrained ones. We further exploit the housing bust period 2008-2012 as a natural experiment, and our major results persist.
School of Economics Zhejiang University
29 December 2015
