Liquidation Costs and Accounting Data
检验了清算成本与先前资本结构研究中常用的代理变量之间的关系，发现清算成本与固定资产比率负相关、与行业市账比正相关，但会计变量只能解释10%-20%的清算成本变化。
We examine the relation between liquidation costs and proxies for those costs that have been used in prior capital structure studies. Liquidation costs in our sample have a strong negative relation to the fixed-to-total assets ratio, and a strong positive relation to the industry market-to-book assets ratio. The relation between liquidation costs and research and development expense is positive, but weak. The adjusted R-squared values of 10% to 20% indicate that much of the variation in liquidation costs is left unexplained by the accounting variables typically used to proxy these costs.