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来源类型Working Paper
规范类型报告
DOI10.3386/w11004
来源IDWorking 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
URLhttps://www.nber.org/papers/w11004
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/568639
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Efraim Benmelech,Mark J. Garmaise,Tobias Moskowitz. Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation. 2004.
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