Abstract
This paper investigates the effects of housing wealth shocks on workers’ career decisions related to job quality and long-term career outcomes. Using a novel data set of career histories in the film industry, we find that homeowners facing greater house price declines reduce participation in high-quality projects but increase involvement in low-quality films. Conversely, renters are not affected by these shocks. Consistent with individuals using home equity during job searches, these shocks have a greater impact on homeowners who extracted home equity during the housing boom. Moreover, house price declines from the housing crisis affect long-term career paths.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 1-45 |
| Number of pages | 45 |
| Journal | Review of Corporate Finance Studies |
| Volume | 15 |
| Issue number | 1 |
| DOIs | |
| State | Published - Feb 1 2026 |
Bibliographical note
Publisher Copyright:© The Author(s) 2024. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.
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