Asset Liquidity and the Determinants of Asset Sales by Poorly Performing Firms
分析表现不佳企业出售资产的影响因素，发现行业增长率高、债务容量低、高管非正常更替或此前有收购的企业更可能出售资产，且财务健康的企业这一关系更强。
This study analyzes factors that potentially are associated with higher incidences of asset sales by poorly performing firms. Consistent with Shleifer and Vishny’s (1992) asset liquidity model, I find that firms are more likely to sell assets if their industry’s growth rate is higher. The relation is stronger among firms less likely to suffer from a lack of flexibility arising from poor financial health. Firms also are more likely to sell assets if they are suffering from low debt capacity, experiencing the nonroutine turnover of its top officer, or have made acquisitions prior to their performance decline.