Capital Structure and Asset Reallocations

资本结构和资产重新配置

• 批准号: 9709427
• 负责人: Vojislav Maksimovic
• 金额: $ 16.38万
• 依托单位: University of Maryland, College Park
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1997
• 资助国家: 美国
• 起止时间: 1997-09-01 至 1999-08-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9709427&HistoricalAwards=false
• 关键词: Capital; Structure; Asset; Reallocations

9709427 Maksimovic/Phillips One of the unexplained puzzles in financial economics is the periodic increases and decreases or "waves" in asset reallocations that have occurred over time. This project models and tests the factors that influence partial-firm asset sales across and within industries in a industry equilibrium framework. The project begins with a model of how assets are reallocated under perfect financial markets. It shows how the amount of asset sales and the types of firms engaged in asset sales and purchases vary over time both within and across industries. It identifies how the amount of asset sales and the types of firms engaged in asset sales and purchases vary over time both within and across industries. The project identifies factors based on efficiency and industry characteristics that are important to asset reallocations and then asks if a firm's financial structure and financial structures of industry firms influence asset reallocations. The project investigates two potential ways a firm's financial structure might influence the process by which assets are reallocated to firms: agency costs and cash flow shortages. It uses plant- and firm-level data from the Bureau of Census.

9709427 Maksimovic/菲利普斯 金融经济学中一个无法解释的难题是，随着时间的推移，资产重新分配会出现周期性的增加和减少或“波动”。 本项目在行业均衡框架下，对影响跨行业和行业内部分企业资产出售的因素进行建模和检验。 该项目从一个模型开始，该模型描述了在完美的金融市场下，资产是如何重新分配的。 它显示了资产出售的数量以及从事资产出售和购买的公司类型如何随着时间的推移而在行业内和行业间发生变化。 它确定了资产出售的数量以及从事资产出售和购买的公司类型如何随着时间的推移而在行业内和行业间发生变化。 该项目根据效率和行业特征确定对资产重新分配很重要的因素，然后询问公司的财务结构和行业公司的财务结构是否影响资产重新分配。 该项目研究了公司的财务结构可能影响资产重新分配给公司的两种潜在方式：代理成本和现金流短缺。 它使用了来自人口普查局的工厂和公司层面的数据。