Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions
利用商用飞机交易数据，检验资本约束是否导致企业以低于基本价值的价格清算资产。结果发现，财务受限的航空公司在出售二手窄体飞机时价格更低，且更可能卖给行业外部买家，尤其在市场低迷时。
ABSTRACT This paper uses commercial aircraft transactions to determine whether capital constraints cause firms to liquidate assets at discounts to fundamental values. Results indicate that financially constrained airlines receive lower prices than their unconstrained rivals when selling used narrow‐body aircraft. Capital constrained airlines are also more likely to sell used aircraft to industry outsiders, especially during market downturns. Further evidence that capital constraints affect liquidation prices is provided by airlines' asset acquisition activity. Unconstrained airlines significantly increase buying activity when aircraft prices are depressed; this pattern is not observed for financially constrained airlines.