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Asset Volatility and Capital Structure : Evidence from Corporate Mergers

Levine, Oliver - 2020

We exploit cross-sectional variation in the predictable changes in asset volatility following corporate acquisitions to identify the effect of business risk on capital structure. We find that post-merger changes in leverage and cash holdings are strongly predicted by expected asset volatility...

Persistent link: https://www.econbiz.de/10012856772

Financing Constraints and the Amplification of Aggregate Downturns

Carvalho, Daniel R. - 2014

This paper shows that during industry downturns, firms experience significantly greater valuation losses when their industry peers' long-term debt is maturing at the time of the shocks. Across a range of tests, the analysis addresses the endogenous determination of peer debt maturity structure....

Persistent link: https://www.econbiz.de/10013067077

Valuation Effects of Corporate Debt Offerings

Eckbo, B. Espen - 2009

This paper analyzes the effect of corporate debt offerings on stock prices. Straight debt offerings have non-positive price effects, while convertible debt offerings have significantly negative effects. Public utility mortgage (non-convertible) bond offerings have marginally negative effects,...

Persistent link: https://www.econbiz.de/10013155491

Valuations in Corporate Takeovers and Financial Constraints on Private Targets

Greene, Daniel - 2016

I examine acquisitions of private firms by public acquirers to better understand the effects of financial constraints on the division of economic gains in takeovers. Empirical tests exploit interstate bank branching deregulation, which relaxes financial constraints on private firms and can...

Persistent link: https://www.econbiz.de/10012997018

Stapled Financing, Value Certification, and Lending Efficiency

Aslan, Hadiye - 2015

We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a dataset of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significantly...

Persistent link: https://www.econbiz.de/10013014437

Corporate takeovers and economic efficiency

Eckbo, B. Espen - 2013

I review recent takeover research which advances our understanding of "who buys who" in the drive for productive … targets, the role of the supply chain and industrial networks in driving takeovers, target plant efficiency, and pre- and post-takeover … strongly averse to bidder toeholds, and the merger negotiation process strongly protects proprietary information. Takeover …

Persistent link: https://www.econbiz.de/10010254150

Governance and Equity Prices : Does Transparency Matter?

Gu, Lifeng - 2012

complements. This complementarity effect is consistent with the view that more transparent firms are more likely takeover targets …

Persistent link: https://www.econbiz.de/10013113335

Using Option Prices to Infer Overpayments and Synergies in M&A Transactions

Barraclough, Kathryn - 2012

In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction announcements. We find that M&A announcements result in large and approximately equal gains to the bidder and the target on average, with the combined gains being large enough to...

Persistent link: https://www.econbiz.de/10013113888

Deal Size, Acquisition Premia and Shareholder Gains

Alexandridis, George - 2012

This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia and target size, indicating that acquirers tend to pay less for large firms, not more. We also find that...

Persistent link: https://www.econbiz.de/10013115116

Accelerated Vesting in Takeovers : The Impact on Shareholder Wealth

Elkinawy, Susan - 2011

options of the target CEO immediately vest and become unrestricted upon the close of the acquisition. We find that takeover …

Persistent link: https://www.econbiz.de/10013117248

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