打印

作者

来源

REAL ESTATE ECONOMICS,Vol.47,Issue2,P.478-508

语言

英文

关键字

CAPITAL STRUCTURE; DEBT; INVESTMENT

作者单位

[Liu, Crocker H.] Cornell Univ, 440 Statler Hall, Ithaca, NY 14853 USA. [Liu, Peng] Cornell Univ, 465 Statler Hall, Ithaca, NY 14853 USA. [Zhang, Zhipeng] BGI San Francisco, San Francisco, CA USA. Liu, CH (reprint author), Cornell Univ, 440 Statler Hall, Ithaca, NY 14853 USA. E-Mail: crockerliu@gmail.com; peng.liu@cornell.edu; zhipengz.gsb@gmail.com

摘要

We use real estate firms to examine how asset liquidation values influence a firm's financing choice, because the productivity and quality of each asset is observable and potential measures of an asset's liquidation value are easier to ascertain ex ante. We show that compared to firms that issue equity, firms that issue debt have higher asset quality. The effect of their expected asset liquidation value is significant, even after we control for other factors that influence financing decisions. For firms whose assets' quality is not easily observable, we find that firms' financing choices depend heavily on conditions in the overall real estate market.