Essays on Asset Purchases and Sales: Theory and Empirical Evidence

This dissertation consists of a theory essay and an empirical essay that investigate a firm’s decision to buy or sell corporate assets. It seeks to answer the following research questions: (1) why do firms choose to buy or sell assets? (2) what makes assets in an industry more likely to be traded than assets in other industries? and (3) within an industry, why asset sales come in waves and tend to cluster over a certain time period? In my theory essay, “The Real Determinants of Asset Sales”, I develop a dynamic equilibrium model that jointly analyzes firms’ decisions to buy or sell assets and the activity of asset sales in the industry. In my model, a firm maximizes…

Author: YANG, LIU

Source: University of Maryland

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