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symmetrical. Our results suggest that benefits from the sale of assets that do not strategically fit the firm's core business accrue primarily to stockholders, while benefits from distress‐related sell‐offs ...
value when they divest assets in order to raise cash, in order to reshuffle assets without increasing corporate focus and when they do not announce the motivation behind the sale . In contrast, we find ...
and increases the stock price. Such a seller can gain even from a value-destroying sale due to the information externality. A seller with a low-quality asset , on the other hand, owns an overvalued asset ...
SIC codes within the consumer discretionary sector. All groups show increased sales , inventory, COGS, and current assets after recession. Interestingly, some groups show faster day’s sales after ...
model where a rm's demand for capital is constrained by an initial asset allocation and past sales . While the initial distribution of assets induces misallocation if the asset endow- ment at more ...
The purpose of this paper is to develop a model of the asset disposition decision for the Resolution Trust Corporation (RTC). In this paper, we focus on the primary goal of the RTC—to maximize ...
financed investment transfers wealth from equity to debt because asset volatility declines and earnings increase when firms invest. Financing asset sales reduce asset collateral and, hence, transfer wealth ...
peers are likely to be experiencing problems themselves, leading to asset sales at prices below value in best use. Such illiquidity makes assets cheap in bad times, and so ex ante is a significant private ...
, book value of tangible assets and intangible assets , value of research and development expenditure, value of sales are analysed by applying regression analysis. Results shows that one unit increase ...
limits the aggregate risky investment in equilibrium, banks correctly anticipate this increase in the fire sale price. However, a higher price reduces the marginal benefit of liquidity per risky asset ...
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