Jandik, Tomas (contributor); Makhija, Anil K. (contributor) - 2005
shareholders irrespective of the source of debt. Even so, financing with bank debt
has a remarkably different impact. If a target … leading to a
successful takeover by 14%, but (2) lowers returns to target shareholders by 5.2% in the event a
takeover … negative impact of bank debt on target shareholders. (3)
Supporting the coinsurance effect as an explanation, we find that an …