The Bright Side of Fire Sales

被引：11
|
作者：
Meier, Jean-Marie [1 ]
Servaes, Henri [2 ,3 ]
机构：
[1] Univ Texas Dallas, Richardson, TX 75083 USA
[2] London Business Sch, Regents Pk, London NW1 4SA, England
[3] CEPR, London, England
来源：
REVIEW OF FINANCIAL STUDIES | 2019年 / 32卷 / 11期
关键词：
FINANCIAL DISTRESS; ASSET SALES; CORPORATE; BANKRUPTCY; MARKET; ACQUISITIONS; RETURNS; MERGERS; CONSTRAINTS; CHAPTER-11;
D O I：
10.1093/rfs/hhz019
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Firms that buy assets in fire sales earn excess returns that are 2 percentage points higher than in regular acquisitions. The mechanism behind this result is the sellers' reduced bargaining power. We find no difference in real effects or in the combined returns for buyers and sellers between fire sales and regular acquisitions, suggesting that the quality of the match is similar in both types of transactions. The externalities of fire sales for other stakeholders are limited. These results indicate that the welfare losses associated with fire sales are smaller than previously thought.
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页码：4228 / 4270
页数：43
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