Liquidity and Liquidation: Evidence from Real Estate Investment Trusts

  • Author(s): David T. Brown
  • Published: Dec 17, 2002
  • Pages: 469-485
  • DOI: 10.1111/0022-1082.00213

This study provides evidence that highly leveraged owner‐managed properties liquidated assets during the commercial real estate decline of the late 1980s, and that this provided buying opportunities for better capitalized buyers. The analysis documents significant financial distress costs for highly leveraged firms during an industry‐wide downturn and shows that these costs are particularly large for owner‐managed firms.

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