Assets on the Move, Leverage in Flux: How Asset Redeployability Shapes Leverage Adjustments
研究发现，拥有更多可重新部署资产的企业调整资本结构的速度更快，尤其对融资受限企业更明显，且这种快速调整能提升企业价值。
ABSTRACT Firms possessing more redeployable assets, defined as assets with a higher potential for alternative uses outside the firms, tend to adjust their capital structure toward the optimal level more quickly. This association between asset redeployability and leverage adjustments is particularly pronounced for financially constrained firms. Moreover, we note that the faster speed of leverage adjustment (SOA) associated with asset redeployability translates into higher firm value. We address potential endogeneity concerns by utilizing plausibly exogenous shocks to economic uncertainty, captured through major economic, and political events.