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Prior research has addressed the question of whether certain events cause a transfer of wealth between stockholders and bondholders but does not control for the events' impacts on firms' credit risk. This may explain why many studies fail to identify wealth transfers. By employing announcements...
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risk on average. This effect is particularly pronounced for pre-merger low-risk insurers and reinsurers. As Solvency II … generally aims to enhance the soundness of the insurance sector and its firms, policymakers should be aware of this merger … study reveals that merger-related default risk changes are mostly driven by acquirer characteristics and to a limited extent …
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Wealth transfer effects between stockholders and bondholders on the announcement date of changes in a firm's credit rating have primarily been examined a) for one type of security; b) on US capital markets; and c) by applying standard event study methods. In contrast to these investigations, we...
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