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Financial shocks and companies investments: the role of granularity

The research project aims to assess the impact of granularity on the transmission of financial shocks to business investment through the financial accelerator mechanism. More specifically, it aims to empirically test this notion by using the value of real estate assets as a proxy variable of corporate collateral, by way of a database combining firm-level accounting information contained in the FICUS / FARE databases, with information concerning the location and size of the company contained in the DADS-entreprises, and the highly precise information on the prices of local real estate contained in the appropriate notarial databases.