| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 960361 | Journal of Financial Economics | 2011 | 33 Pages |
Abstract
⺠We study the interplay between corporate liquidity and asset reallocation. ⺠Distressed firms are acquired by liquid industry firms even without operational synergies. ⺠These acquisitions of distressed firms by liquid industry firms are denoted “liquidity mergers”. ⺠Liquidity mergers occur when assets are industry-specific, but can be transferred across firms. ⺠Corporate credit lines are more prevalent in industries with more liquidity mergers.
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Authors
Heitor Almeida, Murillo Campello, Dirk Hackbarth,