fire sales
Asset Fire Sales (and Purchases) in Equity Markets
... a fire sale ...returns. Fire sales are identified as stocks with substantial net selling by funds constrained by capital flows (PRESSURE < ...
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Capital Structure, Investment, and Fire Sales
... there is too little bankruptcy risk and too little debt financing in equilibrium. This appears to contradict the common intuition that firms have an incentive to use too much debt. Our analysis shows the importance of a ...
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The joint impact of bankruptcy costs, fire sales and cross-holdings on systemic risk in financial networks
... “A fire sale is essentially a forced sale of an asset at a dislocated price. The asset sale is forced in the sense that the seller cannot pay creditors without selling assets. The price is dislocated because the ...
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Liquidity and fire sales
... that fire sales will occur when most firms in an industry are cash-constrained, and therefore are willing to sell industry-specific assets to outsiders for less than their fundamental ...
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Capital Structure, Investment, and Fire Sales
... The intuition for the second property is simple. If the probability of bankruptcy were zero or if bankrupt firms could be liquidated with no loss of value, then all firms would use 100% debt financing to avoid the ...
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Capital structure and investment dynamics with fire sales
... sale. Fire sales are endogenous and arise from the illiquidity of the capital market where the rm’s assets are ...re sales, the rm’s capital structure is indeterminate, and the equilibrium is ...re ...
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Do Fire Sales Really Exist? An Empirical Study on Distressed Targets' Premiums
... ”Fire Sales”, a situation where firms have to sell their as- sets at deep discounts, do not really exist when targets’ premium reference is its price right before the ...
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“Fire Sales” in housing market: is the house-searching process similar to a theme park visit?
... “Fire Sales” in housing market: is the house-searching process similar to a theme park visit. Charles Ka Yui Leung and Jun Zhang[r] ...
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Fire Sales, Foreign Entry and Bank Liquidity
... simply: Fire sales result in transfers of value amongst banks but do not lead to any aggregate welfare gains or costs, and thus, liquidity hoarded to capitalize on …re sales may in some cases be ...
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Capital structure, investment, and fire sales
... costs of debt and equity as perceived by firms, that is the costs of fire sales in the case of debt and taxes in the case of equity, are not true economic costs. Consequently, a change in ∗ has no direct ...
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Inequality and asset fire sales
... These results are insightful in terms of the disaster explanations of asset prices. The model with CRRA utility successfully generates low risk-free rates, large equity premiums, and high expected volatilities in equity ...
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Fire Sales in a Model of Complexity
... Financial assets provide return and liquidity services to their holders. However, during severe financial crises many asset prices plummet, destroying their liquidity provision function at the worst possible time. In ...
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“Fire Sales” in housing market: is the house searching process similar to a theme park visit?
... Proposition 1 Price‐TOM Relation: In a competitive search framework with heterogeneous waiting costs for sellers and free entry for the buyers, the submarket with a higher lower price mu[r] ...
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Financing, fire sales, and the stockholder wealth effects of asset divestiture announcements
... An alternative explanation favors the relative importance of the financing hypothesis during periods of economy-wide distress. Given less than perfect correlation of financial distress conditions across industries and ...
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¡§Fire Sales¡¨ in Housing Market: Is the House- Search Process Similar to a Theme Park Visit?
... In our model, sellers with higher waiting costs, i.e. those in the "fire-sale" situation, are willing to accept lower prices, which attract a larger number of potential buyers so that the house would be ...
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Strategic complementarity, fragility, and regulation
... the fire sales penalty increases and fund managers become more conservative the liquidity requirement has to be strengthened while the solvency one ...
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Macroprudential Regulation and Systemic Capital Requirements
... asset fire sales, ...asset fire sales as defined in Equation ...asset fire sale and/or the asset fire sale of the other ...Asset fire sales will also weaken the ...
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Essays on institutional investors, central banks and asset pricing
... In September of 2008, global financial markets experienced the worst disruption since the Great Depression of 1929. The collapse of the fourth largest investment bank in U.S. spread panic across the financial system, ...
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CURRICULUM VITAE. James F. McMullen, MPA, CFFI Fire Protection and Life-Safety Consultant
... in fire service administration, including strategic fire planning and evaluating public fire ...and fire codes as well as fire protection laws, regulations, ordinances and standards to ...
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Climate Change Impact on Future Wildfire Danger and Activity in Southern Europe: A Review
... seasonal fire weather or the coincident drought are considered, burnt areas are projected to increase everywhere in southern ...potential fire danger projections, but corresponding rates of increase are ...
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