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Asset Volatility and Capital Structure : Evidence from Corporate Mergers
Levine, Oliver - 2020
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 changes estimated using pre-merger information. These capital structure …
Persistent link: https://www.econbiz.de/10012856772
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Market misreaction? : leverage and mergers and acquisitions
Krishnan, C. N. V.; Yakimenko, Vasiliy - In: Journal of risk and financial management : JRFM 15 (2022) 3, pp. 1-21
Using a large database of U.S. mergers and acquisitions (M&As) announced from 2010 through 2017, we examine the effects of capital ratio (leverage) on the announcement period stock price reaction as well as on longer-term stock returns and performance, for banks, making comparisons with...
Persistent link: https://www.econbiz.de/10013165300
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Mergers and Acquisitions Valuation : Cash vs Stock Payment
Feito-Ruiz, Isabel - 2013
The aim of this paper is to study the influence of the Merger and Acquisition (M&A) payment method decision on the …
Persistent link: https://www.econbiz.de/10013079367
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Investor Activism and Mergers and Acquisitions (M&A)
Singh, Akshay - 2016
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the …
Persistent link: https://www.econbiz.de/10014034757
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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 …
Persistent link: https://www.econbiz.de/10013113888
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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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Do Merges and Acquisitions Create Value for Shareholders?
S. Alkhalaf, Abdulmuhsen - 2020
This paper investigates whether M&A create value for the firm and its shareholders. Using data on M&A announcement made by publicly listed firms in the United States in 2003, it conducts a standard event study by calculating the cumulative abnormal return around [-1, 0, +1], where -1 is the one...
Persistent link: https://www.econbiz.de/10012823920
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376
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No News is Good News! Media Coverage and Corporate Takeover Characteristics
Nahidi, Narmin; Hirth, Stefan - 2022
degree of media coverage, positive and negative media coverage) and various takeover characteristics. We find that media … coverage is negatively associated with the takeover premium. This holds for both positive and negative media coverage. Thus, no … news is good news in terms of achieving a higher takeover premium. The method of payment shows an ambiguous relation with …
Persistent link: https://www.econbiz.de/10013492561
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Equity Versus Asset Acquisitions in the REIT Industry
Huerta, Daniel - 2019
We examine the differing influences of equity and asset acquisitions in Real Estate Investment Trusts (REITs) considering the prevalence of REIT asset acquisitions as frequent and major investment decisions. We examine the impact of asset purchase announcements on market returns, operating...
Persistent link: https://www.econbiz.de/10012902911