000			01025nam a22001457a 4500
999			_c515645 _d515645
008			210203b ||||| |||| 00| 0 eng d
100			_aBahaj, Saleem, Foulis, Angus and Pinter, Gabor _924071
245			_aHome values and firm behavior
260			_aThe American Economic Review
300			_a110(7), Jul, 2020: p.2225-2270
520			_aThe homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata 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. – Reproduced
773			_aThe American Economic Review 1
906			_aHOUSING
942			_cAR