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Creditor Rights, Claims Enforcement, and Bond Performance in Merger and Aqcuisitions
Renneboog, Luc - 2017
&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond … multinational insolvencies and creditors' ability to do insolvency arbitrage. The spillover effects we observe are stronger for …
Persistent link: https://www.econbiz.de/10012961171
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Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions
Renneboog, Luc - 2016
Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A announcements is … spillovers are intensified by the ability of creditors to perform insolvency arbitrage across legal systems, and are higher for …
Persistent link: https://www.econbiz.de/10012996646
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SPACs : post-merger survival
Vulanovic, Milos - 2016
This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...
Persistent link: https://www.econbiz.de/10011567362
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SPACs : Post-Merger Survival
Vulanovic, Milos - 2017
This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...
Persistent link: https://www.econbiz.de/10012969005
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Institutional Changes of Specified Purpose Acquisition Companies (SPACs)
Lakicevic, Milan - 2015
This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003 to 2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their...
Persistent link: https://www.econbiz.de/10013035933
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of risk and financial management : JRFM 14 (2021) 5, pp. 1-25
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012534527
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - 2014 - Preprint, February 8th, 2014
In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...
Persistent link: https://www.econbiz.de/10010372686
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Stock liquidity and default risk around the world
Nadarajah, Sivathaasan - 2020
We document the negative effect of stock liquidity on default risk for a sample of 46 countries. We further find that default risk declines following the introduction of the Directive on Markets in Financial Instruments (MiFID)—an exogenous shock that increases liquidity. The effect of...
Persistent link: https://www.econbiz.de/10012854783
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Creditor Control of Corporate Acquisitions
Becher, David - 2020
We examine the impact of creditor control rights on corporate acquisitions. Nearly 75% of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation, creditors use their bargaining power to tighten...
Persistent link: https://www.econbiz.de/10012853662