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Persistent link: https://www.econbiz.de/10009267690
Modern corporations use complex debt instruments and pursue acquisitions. In order to analyze the properties of some of these contracts in the event of an acquisition, this paper considers a company that has an incumbent capital structure, comprising one of five practically important structured...
Persistent link: https://www.econbiz.de/10009554552
Asset-backed securities (ABSs) and covered bonds (CBs) are structured finance instruments that require a range of key services, which may be provided by many firms. However, despite the prevalence of structured finance instruments in Europe, the network between issuers and service providers has...
Persistent link: https://www.econbiz.de/10011745805
these transactions (such as Credit Default Swaps and Credit Linked Notes). The book will also include a presentation of the …
Persistent link: https://www.econbiz.de/10012414642
A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...
Persistent link: https://www.econbiz.de/10008797682
We document the implications of an LBO for the target firm's peers in terms of follow-on acquisitions, alliances, investment, and governance changes. LBOs tend to lead overall merger activity, predicting both more LBOs and strategic acquisitions in the industry. LBOs predict significant changes...
Persistent link: https://www.econbiz.de/10012937801
access to credit markets. Employing hand-collected ABS data from 10-K filings in the EDGAR database, we document that firms … with larger ABS borrowing capacity and less consumption of credit gain from ABS show more risk-taking incentives afterwards … with more corporate risk-taking behaviour. Credit market segmentation and accessibility to the credit market are positively …
Persistent link: https://www.econbiz.de/10013406286
Asset-backed securities (ABSs) and covered bonds (CBs) are structured finance instruments that require a range of key services, which may be provided by many firms. However, despite the prevalence of structured finance instruments in Europe, the network between issuers and service providers has...
Persistent link: https://www.econbiz.de/10012943878
easy credit amplifies the intensity of bidding for deals, these relationships hold only when private equity buyers face … for the competitiveness of deals. Finally, we show that the choice to pursue auction deals in particularly loose credit …
Persistent link: https://www.econbiz.de/10012970922
We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....
Persistent link: https://www.econbiz.de/10013025950