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Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions
1998
Journal of Finance
This paper uses commercial aircraft transactions to determine whether capital constraints cause firms to liquidate assets at discounts to fundamental values. Results indicate that financially constrained airlines receive lower prices than their unconstrained rivals when selling used narrow-body aircraft. Capital constrained airlines are also more likely to sell used aircraft to industry outsiders, especially during market downturns. Further evidence that capital constraints affect liquidation
doi:10.1111/0022-1082.00040
fatcat:2rgqwf7dyvclvdao36elz4jcca