Sibilkov, Valeriy; Straska, Miroslava; Waller, H. Gregory - In: Review of Financial Economics 22 (2013) 3, pp. 98-108
This paper examines the effect of restrictions over asset disposition, measured by the ratio of secured debt to fixed assets, on firm value. We find evidence consistent with two non-mutually exclusive hypotheses. (1) Restrictions on the disposition of assets reduce firm value by limiting a...
