Asset Sales

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.

Auteur

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.

Résumé

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

After an introductory section on the relevance of asset sales in corporations (both non-financial and financial), it discusses the corporate asset market and the mechanisms of asset sale transactions. The focus then turns to 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, a concluding section presents new perspectives on analyzing asset sales transactions. Chiefly intended as a primer for PhD students and academics, the book offers roadmaps for the empirical research landscape and suggests future research directions.

Contenu
1 Introduction1.1 Why do asset sales matter in corporate restructuring and financing?1.2 The focus of this book2 Asset Sales: Markets and Selling Procedure
2.1 Corporate Asset Markets2.2 Structuring Asset Sale Transaction2.3 Auctions and Bilateral Negotiations3. Asset Sales in the Theory of Finance
3.1 Efficiency theory3.2 Financing theory3.3 Asset sales in banking theory4. Empirical research and stylized facts
4.1 Efficient restructuring with asset sales4.1.1 Non-financial firms4.1.2 Banks and financial intermediaries4.2 Financing with asset sales4.2.1 Non-financial firms4.2.2 Banks and Financial Intermediaries4.2.3 Privatizations5. Conclusions and avenue