Liquidation Values and Debt Capacity: A Market Equilibrium Approach
研究资产清算价值的决定因素，重点关注潜在买家。当财务困境企业出售资产时，同行也可能面临问题，导致资产以低于最佳用途价值的价格出售，这种流动性不足使资产在坏时期变得廉价，从而成为杠杆的私人成本。
We explore the determinants of liquidation values of assets, particularly focusing on the potential buyers of assets. When a firm in financial distress needs to sell assets, its industry peers are likely to be experiencing problems themselves, leading to asset sales at prices below value in best use. Such illiquidity makes assets cheap in bad times, and so ex ante is a significant private cost of leverage. We use this focus on asset buyers to explain variation in debt capacity across industries and over the business cycle, as well as the rise in U.S. corporate leverage in the 1980s.