Dragana Cvijanovic (HEC Paris) presenting 'Real Estate Prices and Firm Capital Structure', a paper that examines the impact of real estate prices on firm capital structure decisions. The author finds that for a typical US listed company, a one standard deviation increase in collateral value translates into a 2.1 percent increase in total leverage. The identification strategy employs a triple interaction of MSA level land supply elasticity, aggregate real estate price changes and a measure of a firm's real estate holdings as an exogenous source of variation in the value of firm collateral. The author finds that for every one percent increase in collateral value, a firm's annualized cost of long-term debt drops by four basis points. More financially constrained firms tilt their debt structure towards arm's length financing, less information-sensitive debt and longer-term debt maturities in response to collateral value appreciation. These results indicate the importance of collateral values in mitigating potential informational imperfections.