Liquidity and Liquidation: Evidence from Real Estate Investment Trusts
利用1980年代末商业地产衰退数据，发现高杠杆自管物业被迫清算资产，为资本充足的买家提供了买入机会，并量化了高杠杆企业的财务困境成本。
This study provides evidence that highly leveraged owner‐managed properties liquidated assets during the commercial real estate decline of the late 1980s, and that this provided buying opportunities for better capitalized buyers. The analysis documents significant financial distress costs for highly leveraged firms during an industry‐wide downturn and shows that these costs are particularly large for owner‐managed firms.