Asset fire sales ( and purchases ) in equity markets

@inproceedings{Coval2005AssetFS,
  title={Asset fire sales ( and purchases ) in equity markets},
  author={Joshua Coval and Erik Stafford},
  year={2005}
}
This paper examines asset fire sales, and institutional price pressure more generally, in equity markets, using market prices of mutual fund liquidations caused by capital flows from 1980 to 2003. Forced transactions are a significant cost of financial distress for mutual funds. We find that buyers in asset fire sales earn highly significant returns for… CONTINUE READING

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