【econ201304】
世纪经英论坛
美国内布拉斯加州大学倪金兰副教授学术演讲会
题目：the collateral channel: how real estate shocks affect firm innovation
演讲人：倪金兰
中国留美经济学会会长（2013-2014）
美国内布拉斯加州立大学奥马哈分校商学院 副教授
地点：经济学院明德主楼734会议室
时间：2013年10月23日（周三）上午10:30—12:00
演讲人简介：
dr. jinlan ni is a tenured associate professor in the department of economics at university at nebraska at omaha (uno). she got her phd in economics at purdue university. dr. ni is currently the president of chinese economists society (ces) and the guest editor for the academic journal china economic review. dr. ni`s major areas of research include international economics, financial economics, and applied microeconomics. she has published more than a dozen of articles in peer-reviewed journals such as journal of international money and finance, journal of applied finance, annals of financial economics, china economic review, social science journal and china & world economy etc.
相关论文简介：
this paper examines how the appreciation of real estate promotes the firm research and development (r&d) investment. examining u.s. firms between 1993 and 2007, we find that an increase of real estate asset significantly increase r&d investment. specifically, for every dollar increase in collateral, the average r&d investment increase 7 cents. this effect is more pronounced for financial constrained firms than unconstrained firms. furthermore, in comparing with other general investment, the r&d investments are found to be more sensitive to the appreciation of the real estates. for every dollar increase in collateral, the r&d has in average 5 cents higher than the general investments. this pattern is more significant and pronounced for the financial constraint firms. the finding support the collateral channels hypotheses that collateral pledging enhances firm`s financial capacity in the presence of contract incompleteness. the results are robust in considering the time variant, endogenous issues and different sample groups.
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