The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment
研究了经济不确定性上升时，资产可重新部署性如何影响企业投资行为，发现资产可重新部署性越低的企业投资减少越多，且可重新部署性高的资产在二级市场交易更活跃、回收率更高。
This paper examines how uncertainty affects corporate investment under varying degrees of asset redeployability. We develop new measures of asset redeployability by accounting for the usability of assets within and across industries. We identify plausibly exogenous shocks to economic uncertainty by using major economic and political events. We find that after an increase in uncertainty, firms using less redeployable capital reduce investment more. More redeployable assets exhibit higher recovery rates and are traded more actively in secondary markets. Overall, our results suggest that frictions in redeploying assets affect liquidation values and therefore make firms cautious about investment decisions under uncertainty. Received August 29, 2014; accepted July 13, 2016, by Editor Itay Goldstein.