The Real Determinants of Asset Sales
构建动态结构模型，研究企业在生产率冲击下买卖资产的决策，发现生产率变化（而非水平）驱动交易：生产率上升的企业买入，下降的卖出，并用工厂级数据验证了模型预测。
ABSTRACT I develop a dynamic structural model in which a firm makes rational decisions to buy or sell assets in the presence of productivity shocks. By identifying equilibrium asset prices, the model also examines the aggregate asset sales activity over the business cycle. It shows that changes in productivity, rather than productivity levels, affect decisions: Firms with rising productivity buy assets and firms with falling productivity downsize (“rising buys falling”). As such, industries in which firms have less persistent and more volatile productivity experience greater asset reallocation. Using plant‐level data from Longitudinal Research Database (LRD), I find strong support for the model's predictions.