The Wealth Effects of Bank Financing Announcements in Highly Leveraged Transactions
分析高杠杆交易融资公告对牵头贷款银行股价的影响，发现首次公告带来正财富效应，且该效应在1985年、较小交易及高贷款损失准备金率的银行中更低。
ABSTRACT We analyze the effect of financing announcements of highly leveraged transactions (HLTs) on the stock prices of the banks that lead HLT‐lending syndicates. For our sample of 41 HLTs, we document that the first HLT and bank financing announcements result in positive wealth effects for the lending banks. We also find that these wealth effects are lower in 1985, for smaller HLTs, and for banks with a high loan loss reserve to total asset ratio. Finally, we report that Leveraged Buyout (LBO) targets gain about 2 percent, whereas leveraged recap targets lose about 2 percent, when the first bank financing agreement is announced.