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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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Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions
Yan, Siyuan - 2020
We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...
Persistent link: https://www.econbiz.de/10012832661
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Cash Holdings and Bond Returns Around Takeovers
Podolski, Edward - 2016
paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements …
Persistent link: https://www.econbiz.de/10013006488
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The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange
Perepeczo, Agnieszka - 2014
The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative...
Persistent link: https://www.econbiz.de/10013040377
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The Effect of Credit, Liquidity and Rollover Risk on Bondholder Wealth in Mergers and Acquisitions
Jankowitsch, Rainer; Pauer, Florian - 2021
We analyze M&A announcements and focus on the potential impact of these deals on bond prices in the US corporate bond market. In particular, we investigate the effect of changes in credit, liquidity and rollover risk. This is important, as especially target firms are often small with rather...
Persistent link: https://www.econbiz.de/10013222553
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Do announcement returns contain information about value creation?
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020
Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...
Persistent link: https://www.econbiz.de/10012263196
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Abnormal Returns and Asymmetric Information Surrounding Strategic and Financial Acquisitions
Osborne, Sarah - 2019
Using United States takeover bids, we investigate the importance of information asymmetry in self-selection when … evaluating the abnormal returns of financial versus strategic takeover targets during a period of possible informed trade. Sample … selection bias due to differences in financial versus strategic takeover bids information environments is controlled for using …
Persistent link: https://www.econbiz.de/10012864318
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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing
Persistent link: https://www.econbiz.de/10013065679
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...
Persistent link: https://www.econbiz.de/10012852376