講座題目：Real Estate Risk, Corporate Investment, and Financing Choice

主講人：鄧筱瑩（武漢大學經濟與管理學院金融系助理教授）

時間：2016年6月22日周三中午12:30

地點：學院南路校區主教學樓913

主辦單位：bevictor伟德官网

中國資産管理研究中心

主講人介紹

鄧筱瑩現為武漢大學經濟與管理學院金融系助理教授，新加坡國立大學地産金融學博士，主要研究領域為房地産金融、公司金融與房地産經濟。

摘要

This paper examines how asset risk impacts corporate investment and financing decisions. We derive a general model that incorporates risk, adjustment cost and depreciation features of assets-in-place into investment decisions. The model suggests that the risk and adjustment cost of assets-in-place reduce both corporate investment and financing. We empirically test the model using a panel of United States firms from 1985 to 2013 with data on real estate risk exposure. Evidence shows that real estate risk is negatively associated with firms’ long-term investments and long-term external financing in equity and debt. The effect on firm leverage, however, depends on asset types and risk measures. Overall, in contrast to previously documented positive effects of the real estate value, real estate risk exposure exhibits mostly the opposite effects on investment, financing and capital structure.