Browsing ECO Working Papers by Subject "illiquid markets"

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Browsing ECO Working Papers by Subject "illiquid markets"

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    Title: Illiquidity and Under-Valuation of Firms  Author(s): GALE, Douglas; GOTTARDI, Piero Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms’ assets at fire sale prices when markets are ...