Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry
研究卡特政府放松管制后，卡车运输公司预放松管制的杠杆水平如何影响其生存概率，发现高杠杆公司更易退出，尤其在竞争不充分的市场中，高债务通过限制投资和降低可承受的每吨英里价格来影响生存。
ABSTRACT This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the prederegulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely to survive the deregulation shock, even after controlling for various measures of efficiency. This effect is stronger in the imperfectly competitive segment of the motor carrier industry. High debt seems to affect survival by curtailing investments and reducing the price per ton‐mile that a carrier can afford to charge after deregulation.