Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity
研究了资产可重新部署性如何通过收购渠道影响企业杠杆选择，发现资产更易重新部署时，企业可能降低债务以等待收购机会。
Firms with lower leverage are not only less likely to experience financial distress but are also better positioned to acquire assets from other distressed firms. With endogenous asset sales and values, each firm’s debt choice then depends on the choices of its industry peers. With indivisible assets, otherwise-identical firms may adopt different debt policies, with some choosing highly levered operations (to take advantage of ongoing debt benefits) and others choosing more conservative policies to wait for acquisition opportunities. Our key empirical implication is that the acquisition channel can induce firms to reduce debt when assets become more redeployable.