Which of the following is a common technique used in liability management?

Debt repurchases are a common technique used in liability management as they allow companies to reduce their outstanding debt obligations and improve their balance sheets. By repurchasing debt, a company can take advantage of potentially favorable market conditions, including lower interest rates or reduced prices for their bonds, thereby locking in savings and optimizing their capital structure. This strategy can also signal to the market that the company is financially stable and capable of managing its obligations effectively.

In contrast, other techniques listed like equity financing, asset liquidation, and inventory management are not primarily focused on liability management. Equity financing involves raising capital by issuing shares, which impacts the equity side of a company's balance sheet rather than the liabilities. Asset liquidation refers to selling off company assets to raise cash, which may help meet liabilities in a crisis but is not a typical proactive liability management strategy. Inventory management is more concerned with the operational side of a business, affecting the flow of goods and services rather than directly managing liabilities. Therefore, debt repurchases stand out as the most relevant technique within the context of liability management.