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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint E.; Hirsch, Christian; Krahnen, Jan Pieter - 2011
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...
Persistent link: https://www.econbiz.de/10010308570
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Buying to Sell: A Theory of Buyouts
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010
Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...
Persistent link: https://www.econbiz.de/10010320382
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Mergers and acquisitions: a qualitative study in the medical device sector
Jacob, Alon Ben - In: International journal of management, economics and … 9 (2020) 3, pp. 161-181
One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M …
Persistent link: https://www.econbiz.de/10012286798
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Do announcement returns contain information about value creation?
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020
returns. Our results cast doubt on the usefulness of announcement returns as a measure of the value created in acquisitions …
Persistent link: https://www.econbiz.de/10012263196
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of risk and financial management : JRFM 14 (2021) 5, pp. 1-25
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012534527
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M&A flows and the foreign exchange markets:practical experiences
Schrijvers, Martijn A. - In: Banca Nazionale del Lavoro Quarterly Review 55 (2002) 220, pp. 39-54
The large cross-border Merger and Acquisition flows of the last three years were seen by financial markets as one of the factors behind movements in exchange rates. However, the extent to which an M&A-transaction actually leads to a foreignexchange transaction is dependent on the financing and...
Persistent link: https://www.econbiz.de/10010854356
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
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...
Persistent link: https://www.econbiz.de/10010958748
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NEW OPPORTUNITIES ON THE MARKET OF MERGERS AND ACQUISITIONS FOR 2014
MOLDOVAN-MADAN, Alina - In: ECONOMY AND SOCIOLOGY: Theoretical and Scientifical Journal (2013) 4, pp. 182-186
Mergers and acquisitions activity at global level could begin during 2014. Confidence in the economic environment, the … on mergers and acquisitions market. However, caution still dominate this area and this is understandable, given the … diminishing returns, mergers and acquisitions activity may be the only practical way of increasing for companies. …
Persistent link: https://www.econbiz.de/10010814391
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M&A flows and the foreign exchange markets:practical experiences
Schrijvers, Martijn A. - In: BNL Quarterly Review 55 (2002) 220, pp. 39-54
The large cross-border Merger and Acquisition flows of the last three years were seen by financial markets as one of the factors behind movements in exchange rates. However, the extent to which an M&A-transaction actually leads to a foreignexchange transaction is dependent on the financing and...
Persistent link: https://www.econbiz.de/10010752472
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Buying to Sell: A Theory of Buyouts
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - Institutet för Näringslivsforskning (IFN) - 2010
Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...
Persistent link: https://www.econbiz.de/10008476275