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Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads

Benmelech, Efraim

The Review of financial studies, 2009-04, Vol.22 (4), p.1545-1584 [Periódico revisado por pares]

Oxford: Oxford University Press

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Título:
Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads
Autor: Benmelech, Efraim
Assuntos: 19th century ; Automobiles ; Capital structure ; Collateral ; Debt ; Economic history ; Economics ; Financial history ; Gauges ; Going concerns ; Liquidation ; Liquidation value ; Liquidity ; Locomotives ; Ownership and control ; Rail lines ; Railroad freight cars ; Railroads ; Railway systems ; Railway transport ; Railways ; Receivership ; Rolling stock ; Stocks ; Studies ; Track gauge ; U.S.A
É parte de: The Review of financial studies, 2009-04, Vol.22 (4), p.1545-1584
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: I investigate the effect of assets' liquidation values on capital structure by exploiting the diversity of track gauges in nineteenth-century American railroads. The abundance of track gauges limited the redeployability of rolling stock and tracks to potential users with similar track gauge. Moreover, potential demand for both rolling stock and tracks was further diminished when many railroads went under equity receiverships. I find that the potential demand for a railroad's rolling stock and tracks were significant determinants of debt maturity and the amount of debt that was issued by railroads. The results are consistent with liquidation values models of financial contracting and capital structure
Editor: Oxford: Oxford University Press
Idioma: Inglês

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Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads

Benmelech, Efraim

Oxford: Oxford University Press

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