{"id":"https://openalex.org/W7213367682","doi":"https://doi.org/10.67929/ecgi-fin-344-2013","title":"Financing Through Asset Sales","display_name":"Financing Through Asset Sales","publication_year":2013,"publication_date":"2013-01-01","ids":{"openalex":"https://openalex.org/W7213367682","doi":"https://doi.org/10.67929/ecgi-fin-344-2013"},"language":"en","primary_location":{"id":"doi:10.67929/ecgi-fin-344-2013","doi":"https://doi.org/10.67929/ecgi-fin-344-2013","is_oa":true,"landing_page_url":"https://doi.org/10.67929/ecgi-fin-344-2013","pdf_url":"https://www.ecgi.global/sites/default/files/2024-12/ssrn-2024513.pdf","source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://www.ecgi.global/sites/default/files/2024-12/ssrn-2024513.pdf","any_repository_has_fulltext":null},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031996018","display_name":"Alex Edmans","orcid":"https://orcid.org/0000-0002-9781-892X","observed_orcids":["https://orcid.org/0000-0002-9781-892X"]},"institutions":[{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I61544103","display_name":"London Business School","ror":"https://ror.org/001c2sn75","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I61544103"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Alex Edmans","raw_affiliation_strings":["London Business School , CEPR and ECGI","Professor of Finance London Business School Regent's Park , London NW1 4SA , UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"London Business School , CEPR and ECGI","institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I61544103"]},{"raw_affiliation_string":"Professor of Finance London Business School Regent's Park , London NW1 4SA , UK","institution_ids":["https://openalex.org/I61544103"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5089457697","display_name":"William Mann","orcid":"https://orcid.org/0000-0002-5978-3789","observed_orcids":["https://orcid.org/0000-0002-5978-3789"]},"institutions":[{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"William Mann","raw_affiliation_strings":["University of California , Los Angeles"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of California , Los Angeles","institution_ids":["https://openalex.org/I161318765"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asset-sales","display_name":"asset sales","score":0.8109999895095825},{"id":"https://openalex.org/keywords/stock-issuance","display_name":"share issuance","score":0.7009999752044678},{"id":"https://openalex.org/keywords/debt-versus-equity-financing","display_name":"debt versus equity financing","score":0.7929999828338623},{"id":"https://openalex.org/keywords/balance-sheet-effects","display_name":"balance sheet effects","score":0.8489999771118164},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9779999852180481},{"id":"https://openalex.org/keywords/asset-quality","display_name":"asset quality","score":0.5440000295639038},{"id":"https://openalex.org/keywords/corporate-financing","display_name":"corporate financing","score":0.4490000009536743}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6104999780654907},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.574400007724762},{"id":"https://openalex.org/C115668470","wikidata":"https://www.wikidata.org/wiki/Q616741","display_name":"Off-balance-sheet","level":2,"score":0.5102999806404114},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5020999908447266},{"id":"https://openalex.org/C183206440","wikidata":"https://www.wikidata.org/wiki/Q46834","display_name":"Balance sheet","level":2,"score":0.5009999871253967},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4406000077724457},{"id":"https://openalex.org/C149866677","wikidata":"https://www.wikidata.org/wiki/Q5384698","display_name":"Equity risk","level":3,"score":0.43309998512268066},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.41269999742507935},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4092000126838684},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.40549999475479126},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.3894999921321869},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.387800008058548},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.38179999589920044},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.35510000586509705},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.3479999899864197},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.3474999964237213},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3319000005722046},{"id":"https://openalex.org/C112896921","wikidata":"https://www.wikidata.org/wiki/Q1728600","display_name":"Asset turnover","level":4,"score":0.2874000072479248},{"id":"https://openalex.org/C178297102","wikidata":"https://www.wikidata.org/wiki/Q5978114","display_name":"Private equity fund","level":3,"score":0.2775999903678894},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.2678000032901764},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.2556000053882599},{"id":"https://openalex.org/C132010649","wikidata":"https://www.wikidata.org/wiki/Q189222","display_name":"Intuition","level":2,"score":0.2551000118255615},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.2526000142097473},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.25110000371932983}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.67929/ecgi-fin-344-2013","doi":"https://doi.org/10.67929/ecgi-fin-344-2013","is_oa":true,"landing_page_url":"https://doi.org/10.67929/ecgi-fin-344-2013","pdf_url":"https://www.ecgi.global/sites/default/files/2024-12/ssrn-2024513.pdf","source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.67929/ecgi-fin-344-2013","doi":"https://doi.org/10.67929/ecgi-fin-344-2013","is_oa":true,"landing_page_url":"https://doi.org/10.67929/ecgi-fin-344-2013","pdf_url":"https://www.ecgi.global/sites/default/files/2024-12/ssrn-2024513.pdf","source":null,"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7213367682.pdf","grobid_xml":"https://content.openalex.org/works/W7213367682.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2579799958","https://openalex.org/W2886393875","https://openalex.org/W1810979566","https://openalex.org/W7099583393","https://openalex.org/W2258935813","https://openalex.org/W3047964117","https://openalex.org/W2084568902","https://openalex.org/W201529333","https://openalex.org/W3121912094","https://openalex.org/W2038608012"],"abstract_inverted_index":{"Most":[0],"research":[1],"on":[2,132],"firm":[3,72],"financing":[4,77],"studies":[5],"debt":[6],"versus":[7],"equity":[8,32,74,93,104,113],"issuance.":[9],"We":[10],"model":[11],"an":[12],"alternative":[13],"source,":[14],"non-core":[15,65,141],"asset":[16,30],"sales,":[17],"and":[18,60],"identify":[19],"three":[20],"new":[21],"factors":[22],"that":[23],"contrast":[24],"it":[25],"with":[26],"equity.":[27],"First,":[28],"unlike":[29],"purchasers,":[31],"investors":[33],"own":[34],"a":[35,106,145],"claim":[36],"to":[37,55],"the":[38,48,56,71,76,85,112,117,120,137,149],"firm's":[39],"balance":[40],"sheet":[41,44],"(the":[42,99,127],"\"balance":[43],"effect\").":[45,101,129],"This":[46],"includes":[47],"cash":[49],"raised,":[50],"mitigating":[51],"information":[52,69],"asymmetry.":[53],"Contrary":[54],"intuition":[57],"of":[58,87,119,148],"Myers":[59],"Majluf":[61],"(1984),":[62],"even":[63],"if":[64,75],"assets":[66,89,133,142],"exhibit":[67],"less":[68],"asymmetry,":[70],"issues":[73],"need":[78,134],"is":[79],"high.":[80],"Second,":[81],"firms":[82],"can":[83],"disguise":[84],"sale":[86],"low-quality":[88],"--":[90,94],"but":[91,115],"not":[92,110,135,144],"as":[95],"motivated":[96],"by":[97],"dissynergies":[98],"\"camouflage":[100],"Third,":[102],"selling":[103],"implies":[105],"\"lemons\"":[107],"discount":[108,131],"for":[109],"only":[111],"issued":[114],"also":[116],"rest":[118],"firm,":[121],"since":[122,140],"both":[123],"are":[124,143],"perfectly":[125],"correlated":[126],"\"correlation":[128],"A":[130],"reduce":[136],"stock":[138],"price,":[139],"carbon":[146],"copy":[147],"firm.":[150]},"counts_by_year":[],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2026-09-16T00:00:00"}
