Akdoğu, Evrim; Alp Paukowits, Aysun; Celikyurt, Ugur - 2022
We investigate the effect of creditor rights on the probability of becoming a takeover target by constructing firm-level bond covenant indices. Our primary result is that the more financial covenants a firm has, the more likely it is to become the target of an acquisition. This finding is robust...