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Real-estate price shocks did not positively associate with corporate investment from 1992 to 2008, as suggested by Chaney, Sraer, and Thesmar (2012). Most of their coefficients explain changes in their firm-scale normalization (PP&E), not changes in their variables of interest (real-estate and...
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Chaney, Sraer, and Thesmar (2012) suggests that “shocks to the value of real estate [collateral] can have a large impact on aggregate [corporate] investment.” My comment shows that their reported coefficient estimates are spurious. They explain variation in their normalizing denominators...
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Cohen, Coval, and Malloy (2011) suggest that increased government spending crowded out private corporate investment by publicly-traded corporations, as identified by changes in Congressional chairmanships. Yet, the same inference would obtain in a placebo that begins years earlier, the...
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