内容简介:

We construct a firm-level measure of real estate exposure that captures both direct holdings and indirect linkages to the property sector. Firms with greater exposure experience significantly larger increases in borrowing and investment, even after accounting for the value of their direct real estate holdings. This credit expansion is driven by improved cash flow prospects and relaxed cash-flow-based financing constraints, thereby capturing information distinct from that conveyed through the collateral channel. Using a regulatory tightening as a quasi-natural experiment, we establish causality by showing that firms with greater ex ante real estate exposure subsequently experience sharp declines in financing and investment due to deteriorating cash flows, whereas the value of direct real estate holdings does not predict comparable declines.These findings identify a distinct cash flow channel through which real estate cycles propagate via cashflow-based rather than collateral-based lending.

演讲人简介：

Yajun Xiao is an Associate Professor of Finance at the International Business School Suzhou at XJTLU. His research focuses on asset pricing and market friction, corporate financing and credit risk, as well as the interactions between the macro economy and banking. Yajun holds a BS in engineering from Tongji University, a MS (German: Diplom) in mathematics from the University of Kaiserslautern, and a PhD (German: Dr. rer. pol) in finance from Geothe University Frankfurt.

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