| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27642
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| 来源ID | Working Paper 27642
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| Asset Specificity of Non-Financial Firms |
| Amir Kermani; Yueran Ma
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| 发表日期 | 2020-08-10
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | The specificity of firms' assets affects a wide range of economic issues. We study asset specificity of U.S. non-financial firms using a new dataset on the liquidation recovery rates of all major asset categories across industries. First, we find that non-financial firms' assets are generally highly specific. The average recovery rate (liquidation value over cost net of depreciation) is 35% for plant, property, and equipment (PPE). Second, across industries, physical attributes such as mobility, durability, and standardization account for around 40% of variations in PPE recovery rates. Over time, macroeconomic and industry conditions have the most impact on recovery rates when PPE is not firm-specific. Third, higher asset specificity is associated with less asset sales, greater investment response to uncertainty, and more Q dispersion, consistent with theories of investment irreversibility. Finally, the data suggests that rising intangibles have had a limited impact on firms' liquidation values. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
; Financial Economics
; Corporate Finance
|
| URL | https://www.nber.org/papers/w27642
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585314
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推荐引用方式
GB/T 7714 |
Amir Kermani,Yueran Ma. Asset Specificity of Non-Financial Firms. 2020.
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文件名：
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w27642.pdf
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格式：
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Adobe PDF
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