Cremers, K.J. Martijn; Nair, Vinay B.; Wei, Chenyang - In: Review of Financial Studies 20 (2007) 5, pp. 1359-1388
We investigate the effects of shareholder governance mechanisms on bondholders and document two new findings. First, the impact of shareholder control (proxied by large institutional blockholders) on credit risk depends on takeover vulnerability. Shareholder control is associated with higher...