Managing innovation: The role of collateral

Mao, Yifei

doi:10.1016/j.jacceco.2021.101419

Cited by 27 publications

(3 citation statements)

References 123 publications

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“…To address the endogeneity issue related to house prices, prior research on the US real estate market has employed an instrumental variable (IV) approach, using the interaction between housing supply elasticities and the national interest rate (Alimov, 2016;Chaney et al, 2012;Lin, 2016;Mao, 2021). However, in the case of Chinese cities, readily available data on housing supply elasticity have been scarce, making the adoption of this IV approach less common for Chinese house prices.…”

Section: Causality Identification and Robustness Testsmentioning

confidence: 99%

“…Real estate assets within companies hold significant strategic importance, recognized by various stakeholders such as global investors, entrepreneurs, policymakers, and scholars (Apgar, 1995). Extensive scholarly research, as evidenced by Alimov (2016), Ambrose et al (2017), Bahaj et al (2020), Chaney et al (2012), Mao (2021), and Sun and Gunia (2018), has explored the beneficial collateral effects of these holdings on core business operations. However, it's essential to acknowledge empirical evidence suggesting a negative crowding-out effect stemming from rising housing prices.…”

Section: Introductionmentioning

confidence: 99%

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All That Glitters is Not Gold: Examining the Negative Impact of Real Estate Value on Companies' Market Competitiveness

Liang,

Tian,

Wei

et al. 2024

J Real Estate Finan Econ

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This paper introduces and investigates the hypothesis that the crowding-out effect surpasses the collateral effect, suggesting that an increase in the value of real estate holdings by companies hinders their competitiveness in the product market within emerging economies. Through our analysis, we elucidate the underlying mechanism, demonstrating that although Chinese listed companies benefit from their real estate holdings in terms of debt financing, these financial resources are predominantly reinvested in real estate projects rather than other productive endeavors. This effect is particularly pronounced when companies face significant financial constraints, operate in highly monopolistic industries, and are situated in regions where local governments heavily rely on land finance and face substantial pressure for GDP growth. By shedding light on the adverse implications of companies' real estate holdings and uncovering the factors contributing to the crowding-out effect, our research underscores the importance of enhanced regulations in the real estate markets of developing nations during the periods of irrational housing booms.

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Section: Causality Identification and Robustness Testsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

All That Glitters is Not Gold: Examining the Negative Impact of Real Estate Value on Companies' Market Competitiveness

Liang,

Tian,

Wei

et al. 2024

J Real Estate Finan Econ

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“…The creditor's position in this physical collateral is the privilege of repayment or the privilege (preferred creditor). (Mao, 2021;Putri Hidayah & ., 2022) The establishment of trust agencies addressed the need for guarantees in debt practices. If the collateral is in the form of movable property, the collateral is bound in the form of a promise, in which the object is transferred to the creditor (beneficiary).…”

Section: Introductionmentioning

confidence: 99%

The meaning of “strength executive" in the Constitutional Court decision for the execution of fiduciary securities

Muslim

Hadiyantina

Mundzir

et al. 2023

LJIH

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Judicial decisions must have legal implications for relevant parties. PMK No. 2/PUU-XIX/2021 remains debatable between creditors and debtors because it seemingly weakens the protection of creditors' rights. Creditors cannot immediately carry out enforcement procedures that cut off the creditor's business flow because the position of the subject of fiduciary obligations is in the debtor's control, making it possible for disputes between debtors and creditors. This normative legal research was conducted using a philosophical, juridical approach covering statutory policies, conceptual and case approaches. PMK No. 2/PUU-XIX/2021 does not regulate creditor legal provisions in enforcing fiduciary securities, making it difficult for creditors to execute them. The Constitutional Court should decide to guarantee justice for all parties and provide a decision with clear content and sentence structure, so multiple interpretations will not occur. The execution of fiduciary securities during the Covid-19 pandemic should not be immediately carried out because the creditor had to follow the predetermined procedures.

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