Code for: Home Values and Firm Behaviour

Principal Investigator(s):  View help for Principal Investigator(s) Saleem Bahaj, Bank of England; Angus Foulis, Bank of England; Gabor Pinter, Bank of England

Version:  View help for Version V1

Name File Type Size Last Modified
  Bank_Relationship_Data 02/28/2020 02:48:PM
  Commercial_Real_Estate_Price_Data 02/28/2020 02:49:PM
  Data 02/28/2020 02:50:PM
  GMM_FinCon 02/28/2020 02:50:PM
  Hilber2015 02/28/2020 02:50:PM
  Industry_Betas 02/28/2020 02:50:PM
  Land-Registry-HPI 03/30/2020 04:45:PM
  Land_Registry_Scotland 02/28/2020 03:44:PM
  Land_registry_price_paid_data 02/28/2020 02:12:PM
  PSD 02/28/2020 03:05:PM

Project Citation: 

Bahaj, Saleem, Foulis, Angus, and Pinter, Gabor. Code for: Home Values and Firm Behaviour. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-06-26. https://doi.org/10.3886/E115903V1

Project Description

Summary:  View help for Summary
The homes of firm owners are an important source of finance for ongoing businesses. We use UK micro-data to show that a £1 increase in the value of the homes of a firm's directors increases the firm's investment by £0.03. This effect is concentrated among firms whose directors' homes are valuable relative to the firm's assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors' homes are as important as corporate property for collateral driven fluctuations in aggregate investment demand.

Scope of Project

Subject Terms:  View help for Subject Terms Collateral; Real Estate; microdata; investment
JEL Classification:  View help for JEL Classification
      E22 Investment; Capital; Intangible Capital; Capacity
      G30 Corporate Finance and Governance: General
      R30 Real Estate Markets, Spatial Production Analysis, and Firm Location: General
Data Type(s):  View help for Data Type(s) program source code

Methodology

Unit(s) of Observation:  View help for Unit(s) of Observation Firm

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Published Versions

V1 [2020-06-26]

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DDI 2.5

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