Banks’ Balance Sheets and Liquidation Values: Evidence from Real Estate Collateral
研究发现银行股权或流动性下降会降低其自有房地产的清算价值并加速资产出售，而流动性提供者能获得显著回报；政策干预如股权注入和央行购债可提高清算价值。
Abstract This paper finds that declining bank equity or liquidity reduces liquidation values of bank-owned real estate and accelerates the pace of asset sales. Buyers of these assets earn significant returns for providing liquidity to banks, as prices tend to rebound sharply after sales by illiquid banks. Lower liquidation values also depress the prices of nearby real estate transactions. Policy interventions, such as equity injections and central bank asset purchases, increase liquidation values by providing institutions with the balance sheet capacity to slow asset sales. This evidence suggests that balance sheet adjustments at financial institutions can explain real asset price dynamics. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.