Asset Sales: Their Role in Restructuring and Financing Firms

ISBN-13: 9783030495725 / Angielski / Miękka / 2020 / 84 str.

Claudia Curi; Maurizio Murgia

Spis treści

1 Introduction

1.1 Why do asset sales matter in corporate restructuring and financing?

1.2 The focus of this book

2 Asset Sales: Markets and Selling Procedure

2.1 Corporate Asset Markets

2.2 Structuring Asset Sale Transaction

2.3 Auctions and Bilateral Negotiations

3. Asset Sales in the Theory of Finance

3.1 Efficiency theory

3.2 Financing theory

3.3 Asset sales in banking theory

4. Empirical research and stylized facts

4.1 Efficient restructuring with asset sales

4.1.1 Non-financial firms

4.1.2 Banks and financial intermediaries

4.2 Financing with asset sales

4.2.1 Non-financial firms

4.2.2 Banks and Financial Intermediaries

4.2.3 Privatizations

5. Conclusions and avenue

O autorze

Claudia Curi is a Senior Assistant Professor of Finance at the Faculty of Economics and Management at the Free University of Bozen-Bolzano (Italy). Prior to joining unibz, she was a research economist at the Central Bank of Luxembourg and a postdoc researcher at the Luxembourg School of Finance. Her research focuses on corporate finance and financial intermediation.

Maurizio Murgia is a Professor of Finance at the Faculty of Economics and Management at the Free University of Bozen-Bolzano (Italy). His has held academic appointments at Cass Business School, City University of London (UK), and the Department of Business at the University of Pavia (Italy). His research focuses on corporate finance and financial markets. 

Blurb

In a new world characterized by more frequent and richer flows of information, with plenty of available external capital, how will the – simultaneous – investment and divestment decisions be affected? This book discusses in detail the main features and relevance of asset sales as an integral component of many companies’ growth strategies in the current, continually evolving corporate finance eco-system.

After an introductory section on the relevance of asset sales in corporations (both non-financial and financial), it examines the corporate asset market and the mechanisms of asset sale transactions. The book then focuses on the theory of finance in asset sales (the efficiency and financing theory) and the extensive empirical literature now available. In light of recent and rapid technological and digital advances, the last section presents new perspectives on analyzing asset sales transactions. Chiefly intended as a primer for PhD students and academics, the book offers a road map of the empirical research landscape and suggests future research directions.