Workouts, Deep Pockets, and Fire Sales: An Analysis of Distressed Real Estate
作者:
John H. Crockett,
期刊:
Real Estate Economics
(WILEY Available online 1990)
卷期:
Volume 18,
issue 1
页码: 76-90
ISSN:1080-8620
年代: 1990
DOI:10.1111/1540-6229.00510
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
This paper presents a conceptual analysis of issues that relate to the management of distressed real estate assets. The paper examines the decision implications of the major characteristics of real estate assets and real estate markets in the light of information and incentive problems that emerge when assets fail to perform as anticipated. The paper focuses on the determination of commitments of additional resources to a troubled property, the identification of efficient holders of distressed assets, and the consideration of policies toward the disposition of distressed assets. The paper concludes that in many instances asset sales, rather than causing further destabilization as suggested by the fire sale image, are likely to contribute to reducing the costs associated with distress.
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