期刊
REVIEW OF FINANCIAL STUDIES
卷 26, 期 5, 页码 1248-1290出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/rfs/hht006
关键词
G33; G32; L62
资金
- Divn Of Social and Economic Sciences
- Direct For Social, Behav & Economic Scie [1124073] Funding Source: National Science Foundation
Financial distress can disrupt a durable goods producer's provision of complementary goods and services such as warranties, spare parts and maintenance. This reduces consumers' demand for the core product, causing indirect costs of financial distress. We test this hypothesis in the market for used cars sold at wholesale auctions. An increase in a manufacturer's credit default swaps significantly decreases the prices of its cars at auction, especially cars with longer expected service lives. Our estimates imply substantial indirect costs of financial distress for car manufacturers. These costs have occasionally even exceeded the tax savings benefits for General Motors and Ford.
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