| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11004 |
| 来源ID | Working Paper 11004 |
| Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation | |
| Efraim Benmelech; Mark J. Garmaise; Tobias Moskowitz | |
| 发表日期 | 2004-12-20 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We examine the impact of asset liquidation value on debt contracting using a unique set of commercial property non-recourse loan contracts. We employ commercial zoning regulation to capture the flexibility of a property's permitted uses as a measure of an asset's redeployability or value in its next best use. Within a census tract, more redeployable assets receive larger loans with longer maturities and durations, lower interest rates, and fewer creditors, controlling for the current value of the property, its type, and neighborhood. These results are consistent with incomplete contracting and transaction cost theories of liquidation value and financial structure. |
| 主题 | Financial Economics ; Corporate Finance ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w11004 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568639 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Mark J. Garmaise,Tobias Moskowitz. Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11004.pdf（510KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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