Liquidation Values and Debt Capacity: A Market Equilibrium Approach
研究资产清算价值的决定因素，特别是潜在买家。当困境企业出售资产时，同行也可能陷入困境，导致资产以低于最佳用途的价格出售，这种非流动性使资产在坏时期变得廉价，从而成为杠杆的显著私人成本。
ABSTRACT We explore the determinants of liquidation values of assets, particularly focusing on the potential buyers of assets. When a firm in financial distress needs to sell assets, its industry 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 cost of leverage. We use this focus on asset buyers to explain variation in debt capacity across industries and over the business cycle, as well as the rise in U.S. corporate leverage in the 1980s.