Asset Fire Sales by Banks: Evidence from Commercial REO Sales
研究了金融危机期间商业银行的资产抛售行为，发现流动性较低的银行会设定更低要价、获得更低售价，且更少将REO房产出售给自然买家。
I study asset fire sales by commercial banks during the financial crisis. Specifically, I find that banks with lower liquidity levels post lower asking prices, receive lower sale prices, and are less likely to sell REO properties to natural buyers. Further analysis shows that the results are unlikely to be driven by omitted variables related to local conditions, property characteristics, or bank characteristics. To establish causality, I use the losses banks incur due to house price drops as the instrument for bank liquidity and find similar results in two-stage least-squares instrumental variable regressions. Received September 24, 2014; accepted September 1, 2015 by Editor Amit Seru.