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Cited by 2,893

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Liquidation Values and Debt Capacity: A Market Equilibrium Approach

Open access
SHLEIFER, ANDREI, VISHNY, ROBERT W.·1992·The Journal of Finance
DOI 10.1111/j.1540-6261.1992.tb04661.x
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Abstract

We explore the determinants of liquidation values of assets, particularly focusing on the potential buyers of assets. When a firm in financial distress needs to sell assets, its industry peers are likely to be experiencing problems themselves, leading to asset sales at prices below value in best use. Such illiquidity makes assets cheap in bad times, and so ex ante is a significant private cost of leverage. We use this focus on asset buyers to explain variation in debt capacity across industries and over the business cycle, as well as the rise in U.S. corporate leverage in the 1980s.

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Crossref · 10.1111/j.1540-6261.1992.tb04661.x

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Metadata

Authors
SHLEIFER, A., & VISHNY, R. W.
Venue
The Journal of Finance
Publisher
Wiley
Published
1992-09
Volume
47
Issue
4
Pages
1343-1366
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1992.tb04661.x
OpenAlex
W2019222975
Cited by
2,893
References
3
FWCI
114.37
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: Liquidation Values and Debt Capacity: A Market Equilibrium Approach. https://app.cochat.ai/papers/10.1111/j.1540-6261.1992.tb04661.x
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SHLEIFER, A., & VISHNY, R. W. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1992.tb04661.x

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.