Collateral Values and Corporate Employment

Abstract

The research program of the Center for Economic Studies (CES) produces a wide range of economic analyses to improve the statistical programs of the U.S. Census Bureau. Many of these analyses take the form of CES research papers. The papers have not undergone the review accorded Census Bureau publications and no endorsement should be inferred. Any opinions and conclusions expressed herein are those of the author(s) and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. Republication in whole or part must be cleared with the authors. To obtain information about the series, see www.census.gov/ces or contact Fariha Kamal, Editor,

Banks, Firms, and Jobs

“…This paper contributes to the growing literature on the real effect of credit supply shocks (Amiti andWeinstein, 2011, 2017;Cingano et al, 2016;Paravisini et al, 2015) and is closely related to the recent contributions that investigate the effects of financial shocks on employment outcomes at the firm level (Chodorow-Reich, 2014;Benmelech et al, 2015;Bentolila et al, 2016;Berg, 2016;Caggese et al, 2016;Ersahin and Irani, 2016;Giroud and Mueller, 2016;Hochfellner et al, 2016;Popov and Rocholl, 2017;Siemer, 2016). 2 Drawing on micro-level datasets, these studies consistently show that a tightening of the credit supply leads to a contraction of the workforce.…”

Financing constraints and fixed-term employment: Evidence from the 2008-9 financial crisis

“…Ersahin and Irani (2015) also show that there is a positive relation between real estate price growth and …rm employment.…”

“…Except when using the indicator variable for the short-term debt ratio (column 6) 21. In addition to …xed-term and permanent contracts, the variable "type of employment contract" includes the categories: "other" and "ingnored".…”

Lending Relationships and the Collateral Channel

“…Gan (2007);Chaney, Sraer, and Thesmar (2012);Cvijanovic (2014);Kleiner (2015);Ersahin and Irani (2015);Bahaj, Foulis, and Pinter (2016).2 Jimenez, Ongena, Peydro, and Saurina (2012);Sette and Gobbi (2015); DeYoung, Gron, Torna, and Winton (2015);Bolton, Freixas, and Gambacorta (2016); Banerjee, Gambacorta, and Sette (2017);Beck, Degryse, De Haas, and Van Horen (2018).3 Jimenez, Salas, and Saurina (2006);Berger, Frame, and Ioannidou (2011). The findings of this literature are inconclusive.…”