Asset Fire Sales (and Purchases) in Equity Markets
نویسندگان
چکیده
منابع مشابه
Corporate asset purchases and sales: Theory and evidence
Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fund...
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I present a general equilibrium model of banking in which financial crises can be due to panics (i.e., coordination failures that give rise to multiple equilibria) or fundamentals. Crises are systemic, in the sense that many banks are insolvent and subject to runs. A financial crisis is also characterized by a flight to safety-liquidity, and by sales of assets by banks at a depressed price, tha...
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This study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. Several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. The findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...
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Due to the fact that assets are recorded at their historical value and they may include unrealized gains (losses), managers may manipulate earnings through the sale of these assets and provide financial information which is not accurate and reliable. The aim of this study is to investigate the relationship between income from asset sales, earnings change and leverage of companies listed on Tehr...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.718201