Asset sales and debt-equity swap under asymmetric information

被引：3
|
作者：
Banerji, Sanjay [1 ]
机构：
[1] Univ Durham, Dept Econ & Finance, Durham DH1 3HY, England
来源：
ECONOMICS LETTERS | 2008年 / 99卷 / 01期
关键词：
asset sales; debt-equity swap; debt restructuring;
D O I：
10.1016/j.econlet.2007.06.025
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper shows that sale of assets for partial repayment of debt during financial distress may act as a signaling mechanism helping firms to obtain better terms of exchange in debt-equity swap. Although ex-post beneficial, it causes under-investment, ex-ante. (C) 2007 Elsevier B.V. All rights reserved.
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页码：189 / 191
页数：3
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