Financial versus Strategic Buyers
研究了债务错误定价如何影响并购活动，发现债务市场条件的变化会改变财务买家（私募股权公司）和战略买家（运营公司）之间的资产所有权格局。
This article introduces the impact of debt misvaluation on merger and acquisition activity. We show the potential for debt misvaluation to help explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). Fundamental differences in governance and project coinsurance between the two types of acquirer would interact with debt misvaluation, resulting in variation in how assets are owned that depends on debt market conditions. We find support for our theory in merger data using a novel measure of debt misvaluation.