haku: @author Kim, C. / yhteensä: 18
viite: 7 / 18
| Tekijä: | Kim, C. |
| Otsikko: | The effects of asset liquidity: evidence from the contract drilling industry |
| Lehti: | Journal of Financial Intermediation
1998 : APR, VOL. 7:2, p. 151-176 |
| Asiasana: | ASSETS LIQUIDITY INDUSTRIES |
| Kieli: | eng |
| Tiivistelmä: | The author uses both the depth of the buyers' market and the trading volume to measure asset liquidity in the contract drilling industry and she finds that drilling rigs are less liquid than oil wells. The results indicate that managers avoid selling illiquid assets unless they face high costs for alternative sources of funds. The evidence also suggests that managers follow a "pecking order" of asset sales, selling liquid assets before illiquid assets. The author finds evidence that the liquidity of a firm's asset portfolio increases its debt capacity. |
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