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In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...
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Agency theory predicts that leverage affects agency costs and thereby the firm's influence will be influenced. The goal of the paper is to examine the profitability-capital relationship for the US banks using an unbalanced panel over the period 1995-2007. In our model we used a combination of...
Persistent link: https://www.econbiz.de/10013069798
We employ a dynamic adjustment model (Flannery and Rangan, 2006) to investigate the determinants of capital structure and speed of adjustment (Drobetz and Wanzenried, 2006) in a panel of 85 U.S. ICT firms over the years 1990 to 2013. We estimate the capital structure using a wide range of...
Persistent link: https://www.econbiz.de/10012890372
This study uses corporate tax return data to examine the evolution of firms' financial structure and performance after leveraged buyouts (LBOs) for a comprehensive sample of 317 LBOs taking place between 1995 and 2007. We find little evidence of operating improvements subsequent to an LBO,...
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