and underlevered acquirers benefit from an increase in debt capacity resulting from the merger, only overlevered acquirers …

paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements …

Merger activity tends to peak at times of high stock prices. I examine the allocation of equity issue proceeds … conditional on the level of merger activity to shed light on the source of this empirical regularity. I find that firms do not … allocate more of the equity proceeds raised in high merger times to increase debt repayment or to increase equity payouts. This …

constant, rated firms increase their leverage in takeover transactions by less than their unrated counterparts. Consistent with …