Richmond Fed, Report: How Important Are Asset Price Fluctuations for Business Investment? 

“The collateral channel of investment is one of the main ways economists connect asset-price fluctuations and economic recessions. When asset prices collapse, firms’ liquidation values of assets decline, so firms have more difficulty securing borrowing. Data from publicly listed companies confirm this result: When real estate prices decline, companies that own real estate decrease their investment spending more than companies that do not. But the strength of this result relies on the popularity of asset-based borrowing among businesses. Since many companies borrow based on cash flow, asset-price fluctuations may play a smaller factor in economic recessions.”