How I Learned to Stop Worrying and Love Fire Sales
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In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations for fire sales. If they result from asymmetric information instead of misallocation, the
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美国国家经济研究局创建时间：
2018-06-01
