Asset sales by financially distressed firms
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2022, Journal of Economic Dynamics and ControlReal asset liquidity, cash holdings, and the cost of corporate debt
2022, Global Finance JournalAsset sales and subsequent acquisitions
2018, International Review of Financial AnalysisCitation Excerpt :Section 5 concludes the paper. Hite, Owers, and Rogers (1987) and Brown, James, and Mooradian (1994) propose that retaining the proceeds from selling assets increases the wealth of seller shareholders if the proceeds are reallocated to unfunded, but positive net present value (NPV) projects. According to Bates (2005), sale proceeds are retained based on the optimal level of cash holdings where the expected benefit of holding cash is simply offset by the expected cost.
Asset specificity and firm value: Evidence from mergers
2018, Journal of Corporate Finance
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We are grateful for comments from Paul Asquith, Stuart Gilson, Mike Ryngaert, Jerry Warner and seminar participants at the 1991 Georgetown Bankruptcy Conference, the University of Houston, Texas A and M, Purdue, Arizona State and the 1994 American Finance Association meetings.
Copyright © 1994 Published by Elsevier B.V.