Workouts, Deep Pockets, and Fire Sales: An Analysis of Distressed Real Estate
分析了困境房地产资产管理中的信息与激励问题，探讨了追加投资、识别高效持有者及处置政策，认为资产出售往往有助于降低困境成本而非加剧不稳定。
This paper presents a conceptual analysis of issues that relate to the management of distressed real estate assets. The paper examines the decision implications of the major characteristics of real estate assets and real estate markets in the light of information and incentive problems that emerge when assets fail to perform as anticipated. The paper focuses on the determination of commitments of additional resources to a troubled property, the identification of efficient holders of distressed assets, and the consideration of policies toward the disposition of distressed assets. The paper concludes that in many instances asset sales, rather than causing further destabilization as suggested by the fire sale image, are likely to contribute to reducing the costs associated with distress.