Financing Through Asset Sales

References

• Abel AB, Eberly JC (1996) Optimal investment with costly reversibility. Rev. Econom. Stud. 63(4):581–593.Crossref, Google Scholar
• Akerlof GA (1970) The market for lemons: Quality uncertainty and the market mechanism. Quart. J. Econom. 84(3):488–500.Crossref, Google Scholar
• Altınkılıç O, Hansen RS (2000) Are there economies of scale in underwriting fees? Rev. Financial Stud. 13(1):191–218.Crossref, Google Scholar
• Armstrong M, Rochet JC (1999) Multi-dimensional screening: A user’s guide. Eur. Econom. Rev. 43(4):959–979.Crossref, Google Scholar
• Arnold M, Hackbarth D, Puhan TX (2018) Financing asset sales and business cycles. Rev. Finance. 22(1):243–277.Crossref, Google Scholar
• Asquith P, Mullins D (1986) Equity issues and offering dilution. J. Financial Econom. 15(1–2):61–89.Crossref, Google Scholar
• Baker M, Wurgler J (2002) Market timing and capital structure. J. Finance 57(1):1–32.Crossref, Google Scholar
• Banks JS, Sobel J (1987) Equilibrium selection in signaling games. Econometrica 55(3):647–661.Crossref, Google Scholar
• Bates TW (2006) Asset sales, investment opportunities, and the use of proceeds. J. Finance 60(1):105–135.Crossref, Google Scholar
• Bond P, Leitner Y (2015) Market run-ups, market freezes, inventories, and leverage. J. Financial Econom. 115(1):155–167.Crossref, Google Scholar
• Boot AWA, Thakor AV (1993) Security design. J. Finance 48(4):1349–1378.Crossref, Google Scholar
• Borisova G, Brown JR (2013) R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment. J. Banking Finance 37(1):159–173.Crossref, Google Scholar
• Borisova G, John K, Salotti V (2013) The value of financing through cross-border asset sales: Shareholder returns and liquidity. J. Corporate Finance 22(September):320–344.Crossref, Google Scholar
• Brown DT, James CM, Mooradian RM (1994) Asset sales by financially distressed firms. J. Corporate Finance 1(2):233–257.Crossref, Google Scholar
• Campello M, Graham JR, Harvey CR (2010) The real effects of financial constraints: Evidence from a financial crisis. J. Financial Econom. 97(3):470–487.Crossref, Google Scholar
• Chang B (2018) Adverse selection and liquidity distortion. Rev. Econom. Stud. 85(1):275–306.Crossref, Google Scholar
• Cho IK, Kreps DM (1987) Signaling games and stable equilibria. Quart. J. Econom. 102(2):179–221.Crossref, Google Scholar
• Choe H, Masulis RW, Nanda V (1993) Common stock offerings across the business cycle. J. Empirical Finance 1(1):3–31.Crossref, Google Scholar
• Cooney JW, Kalay A (1993) Positive information from equity issue announcements. J. Financial Econom. 33(2):149–172.Crossref, Google Scholar
• Covas F, Den Haan WJ (2011) The cyclical behavior of debt and equity finance. Amer. Econom. Rev. 101(2):877–899.Crossref, Google Scholar
• DeAngelo H, DeAngelo L, Stulz RM (2010) Seasoned equity offerings, market timing, and the corporate lifecycle. J. Financial Econom. 95(3):275–295.Crossref, Google Scholar
• DeMarzo PM (2005) The pooling and tranching of securities: A model of informed intermediation. Rev. Financial Stud. 18(1):1–35.Crossref, Google Scholar
• DeMarzo PM, Duffie D (1999) A liquidity-based model of security design. Econom. 67(1):65–99.Crossref, Google Scholar
• Eckbo BE, Kisser M (2018) Tradeoff theory and leverage dynamics of high-frequency debt issuers. Working paper, Tuck School of Business at Dartmouth, Hanover, NH.Google Scholar
• Edmans A, Fang VW, Lewellen KA (2017) Equity vesting and investment. Rev. Financial Stud. 30(7):2229–2271.Crossref, Google Scholar
• Edmans A, Levit D, Reilly D (2018a) Governance under common ownership. Working paper, London Business School, London.Google Scholar
• Edmans A, Goncalves-Pinto L, Groen-Xu M, Wang Y (2018b) Strategic news releases in equity vesting months. Rev. Financial Stud. Forthcoming.Google Scholar
• Eisfeldt AL (2004) Endogenous liquidity in asset markets. J. Finance 59(1):1–30.Crossref, Google Scholar
• Eisfeldt AL, Rampini AA (2006) Capital reallocation and liquidity. J. Monetary Econom. 53(3):369–399.Crossref, Google Scholar
• Feldman ER (2014) Legacy divestitures: Motives and implications. Organ. Sci. 25(3):815–832.Link, Google Scholar
• Fulghieri P, Garcia D, Hackbarth D (2016) Asymmetric information and the pecking (dis)order. Working paper, University of North Carolina at Chapel Hill, Chapel Hill.Google Scholar
• Gopalan R, Milbourn T, Song F, Thakor AV (2014) Duration of executive compensation. J. Finance 69(6):2777–2817.Crossref, Google Scholar
• Guerrieri V, Shimer R (2018) Markets with multidimensional private information. Amer. Econom. J.: Microeconom. 10(2):250–274.Crossref, Google Scholar
• He Z (2009) The sale of multiple assets with private information. Rev. Financial Stud. 22(11):4787–4820.Crossref, Google Scholar
• Hennessy CA, Whited TM (2007) How costly is external financing? Evidence from a structural estimation. J. Finance 62(4):1705–1745.Crossref, Google Scholar
• Hite GL, Owers JE, Rogers RC (1987) The market for interfirm asset sales: Partial sell-offs and total liquidations. J. Financial Econom. 18(2):229–252.Crossref, Google Scholar
• Holderness CG (2018) Equity issuances and agency costs: The telling story of shareholder approval around the world. J. Financial Econom. Forthcoming.Crossref, Google Scholar
• Hovakimian G, Titman S (2006) Corporate investment with financial constraints: Sensitivity of investment to funds from voluntary asset sales. J. Money, Credit, Banking 38(2):357–374.Crossref, Google Scholar
• Jain PC (1985) The effect of voluntary sell-off announcements on shareholder wealth. J. Finance 40(1):209–222.Crossref, Google Scholar
• Jensen MC (1986) The agency costs of free cash flow: Corporate finance and takeovers. Amer. Econom. Rev. 76(2):323–329.Google Scholar
• Kim W, Weisbach MS (2008) Motivation for public equity offers: An international perspective. J. Financial Econom. 87(2):208–307.Crossref, Google Scholar
• Klein A (1986) The timing and substance of divestiture announcements: Individual, simultaneous and cumulative effects. J. Finance 41(3):685–696.Crossref, Google Scholar
• Kreps D, Sobel J (1994) The economics of multidimensional screening. Aumann RJ, Hart S, eds. Handbook of Game Theory with Economic Applications, Vol. 2 (Elsevier, Amsterdam), 850–867.Google Scholar
• Kurlat P (2013) Lemons markets and the transmission of aggregate shocks. Amer. Econom. Rev. 103(4):1463–1489.Crossref, Google Scholar
• Lang L, Poulsen A, Stulz R (1995) Asset sales, firm performance, and the agency costs of managerial discretion. J. Financial Econom. 37(1):3–37.Crossref, Google Scholar
• Maksimovic V, Phillips GM (2001) The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? J. Finance 56(6):2019–2065.Crossref, Google Scholar
• McLean RD (2011) Share issuance and cash savings. J. Financial Econom. 99(3):693–715.Crossref, Google Scholar
• Milbradt K (2012) Level 3 assets: Booking profits and concealing losses. Rev. Financial Stud. 25(1):55–95.Crossref, Google Scholar
• Miller MH, Rock K (1985) Dividend policy under asymmetric information. J. Finance 40(4):1031–1051.Crossref, Google Scholar
• Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J. Financial Econom. 13(2):187–221.Crossref, Google Scholar
• Nachman D, Noe TH (1994) Optimal design of securities under asymmetric information. Rev. Financial Stud. 7(1):1–44.Crossref, Google Scholar
• Nanda V (1991) On the good news in equity carve-outs. J. Finance 46(5):1717–1737.Crossref, Google Scholar
• Nanda V, Narayanan MP (1999) Disentangling value: Financing needs, firm scope, and divestitures. J. Financial Intermediation 8(3):174–204.Crossref, Google Scholar
• Narayanan MP (1985) Managerial incentives for short-term results. J. Finance 40(5):1469–1484.Crossref, Google Scholar
• Rochet JC, Stole LA (2003) The economics of multidimensional screening. Acemoglu D, Arellano M, Dekel E, eds. Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress (Cambridge University Press, Cambridge, UK), 150–197.Crossref, Google Scholar
• Scharfstein DS, Stein JC (1990) Herd behavior and investment. Amer. Econom. Rev. 80(3):465–479.Google Scholar
• Shleifer A, Vishny RW (1992) Liquidation values and debt capacity: A market equilibrium approach. J. Finance 47(4):1343–1366.Crossref, Google Scholar
• Slovin MB, Sushka ME, Ferraro SR (1995) A comparison of the information conveyed by equity carve-outs, spin-offs and asset sell-offs. J. Financial Econom. 37(1):89–104.Crossref, Google Scholar
• Stein JC (1988) Takeover threats and managerial myopia. J. Political Econom. 46(1):61–80.Crossref, Google Scholar
• Stein JC (1989) Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quart. J. Econom. 104(4):655–669.Crossref, Google Scholar
• Stein JC (1997) Internal capital markets and the competition for corporate resources. J. Finance 52(1):111–133.Crossref, Google Scholar
• Williams B (2016) Search, liquidity, and retention: Signaling multidimensional private information. Working paper, New York University, New York.Google Scholar
• Wu X, Wang Z (2005) Equity financing in a Myers–Majluf framework with private benefits of control. J. Corporate Finance 11(5):915–945.Crossref, Google Scholar