标题： 开发商杠杆、资本市场融资与甩卖外部性——来自泰国 condominium 市场的证据 显示英文标题

标题： Developers' Leverage, Capital Market Financing, and Fire Sale Externalities Evidence from the Thai Condominium Market

摘要： 杠杆开发商面临转期风险时更可能参与甩卖。利用COVID-19作为自然实验，我们在泰国 condominium 市场发现了甩卖外部性的证据。房产的开发商杠杆率越高，已上市开发商（有资本市场融资渠道）的挂牌价格越低，但未上市开发商（主要使用银行融资）的挂牌价格没有变化。我们将这种差异归因于银行贷款重新谈判的灵活性与债务资本市场还款的刚性，并强调了在信息不对称存在的情况下商业银行在金融中介中的作用。 显示英文摘要

摘要： Leveraged developers facing rollover risk are more likely to engage in fire sales. Using COVID-19 as a natural experiment, we find evidence of fire sale externalities in the Thai condominium market. Resales in properties whose developers have higher leverage ratios have lower listing prices for listed developers (who have access to capital market financing) but not unlisted developers (who primarily use bank financing). We attribute this difference to the flexibility of bank loan renegotiation versus the rigidity of debt capital market repayments and highlight the role of commercial banks in financial intermediation in the presence of information asymmetry.