Sala de Recepcions, 690 Building Language:
Sala de Recepcions, 690 Building
This paper studies the impact of real estate prices on the payout policy of firms. Firms use corporate real estate (CRE) assets as collateral to obtain debt. Through this collateral channel, positive shocks to the value of CRE assets allow firms to increase their leverage in order to finance not only investments but also payouts. We find that an increase in the value of CRE assets results in an increase in cash dividends and share repurchases. These effects are stronger in periods of increasing values of CRE, as well as for firms with few investment opportunities and low leverage. We also find that firms that experienced positive shocks to the value of their CRE assets smooth their dividends more.
Facultat d'Economia i Empresa
Language: English The purpose of this
The purpose of this presentation is to talk about the academic job market process. The audience expected will be PhD students seeking to pursue an academic career path. There are several considerations that the student might need to consider by the time the job market application starts (i.e. job package documents etc.), in this sense, having clearance of what to do, where to apply and how to do it becomes the priority. The final remarks will conclude that while certain priorities and options to consider are subject to student’s preferences (e.g. country/institution of destination), others might apply to everyone.
Victor Martín Sánchez (King’s College London)
Faculty of Economics and Business
Faculty of Economics and Business - UB, 690 Building