Asset Allocation in Bankruptcy
利用法官随机分配破产案件的自然实验，发现清算相比重组会导致资产长期利用率更低，尤其在市场薄、融资难的地区，表明搜索摩擦大时清算可能造成资产配置低效。
ABSTRACT This paper investigates the consequences of liquidation and reorganization on the allocation and subsequent utilization of assets in bankruptcy. Using the random assignment of judges to bankruptcy cases as a natural experiment that forces some firms into liquidation, we find that the long‐run utilization of assets of liquidated firms is lower relative to assets of reorganized firms. These effects are concentrated in thin markets with few potential users and in areas with low access to finance. These findings suggest that when search frictions are large, liquidation can lead to inefficient allocation of assets in bankruptcy.