Low, Angie; Makhija, Anil K.; Sanders, Anthony B. - Charles A. Dice Center for Research in Financial … - 2007
Takeovers result in the transfer of bondholders' claims from the target to the acquiring firm, providing a setting to examine the impact of shareholder power on bondholders. We find that excess returns to target bondholders at M & A announcements are positively related to the holdings of the top...