The Role of Trading Frictions in Real Asset Markets
研究了交易摩擦如何随资产市场厚度变化，通过商用飞机市场数据发现，市场越薄，资产越难卖，导致企业持有时间更长、生产率和产能利用率更低且更分散，资产价格更低且更分散。
This paper investigates how trading frictions vary with the thickness of the asset market by examining patterns of asset allocations and prices in commercial aircraft markets. The empirical analysis indicates that assets with a thinner market are less liquid—i.e., more difficult to sell. Thus, firms hold on longer to them amid profitability shocks. Hence, when markets for assets are thin, firms' average productivity and capacity utilization are lower, and the dispersions of productivity and of capacity utilization are higher. In turn, prices of assets with a thin market are lower and have a higher dispersion.