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

By Efraim Benmelech. 2009

182 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/860178d34f5c0cca0cc13cc6d52ffae0d99da2d3

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Citations in the corpus

Financial Contracting: A Survey of Empirical Research and Future Directions (2009, background): “Benmelech (2009) exploits the diversity of track gauges in nineteenth-century American railroads to assess the effect of asset liquidation value on financing arrangements.”
Incomplete Contracts and Control (2017, result): “Empirical support for both these predictions has been obtained by Benmelech (2009) and Benmelech and Bergman (2008).14 Second, the model has the feature that inefficient liquidation can occur.”
Corporate Bond Default Risk: A 150-Year Perspective (2011, unknown): “See Friedman and Schwartz, pp. 351–355. study the relation between default rates and a number of key financial and macroeconomic variables that are only available for the U.S. markets over such a long period.”
Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity (2012, unknown): “” Our findings are related to extant empirical studies that find support for these theories in the context of 19 century railroads (Benmelech (2009)), commercial real estate (Benmelech, Garmaise, and Moskowitz (2005)), and airlines (Benmelech and Bergman (2009)).”
How Collateral Laws Shape Lending and Sectoral Activity (2016, unknown): “…John et al. (2003), Djankov et al. (2003), Benmelech et al. (2005), Jimenez et al. (2006), Gan (2007), Djankov et al. (2007), Ono and Uesugi (2009), Benmelech (2009), Benmelech and Bergman (2009, 2011), Berger et al. (2011, 2013), Godlewski and Weill (2011), Chaney et al. (2012), Rampini and…”
Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity (2016, unknown): “Among recent studies, the emphasis has been on variations in the value (Gan 2007), quantity supplied (Campello and Giambona 2013), or salability (Benmelech 2009) of assets that are used as collateral.”
Real Assets and Capital Structure (2013, unknown): “Benmelech (2009) uses variation in the width of track gauges of 19th century railroads to measure asset salability.”