Desperate House Sellers: Distress among Developers
利用2006-2009年住房危机期间房屋建筑商的微观数据，研究发现财务困境的开发商在某个项目亏损后，会打折出售其他未受影响地区的房产以快速回笼资金，且折扣幅度在能更快缩短销售时间的地区更大。
Abstract I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006–2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes in healthy areas following losses elsewhere. Firms cut prices following losses in other projects only during the crisis, not during the boom.