Bondholder Wealth Effects in Mergers and Acquisitions: New Evidence from the 1980s and 1990s
研究了20世纪80年代和90年代并购对目标公司和收购公司债券持有人的财富效应，发现低于投资级的目标债券在公告期获得正回报，而收购方债券获得负回报，且目标债券回报在特定条件下更大。
ABSTRACT We examine the wealth effects of mergers and acquisitions on target and acquiring firm bondholders in the 1980s and 1990s. Consistent with a coinsurance effect, below investment grade target bonds earn significantly positive announcement period returns. By contrast, acquiring firm bonds earn negative announcement period returns. Additionally, target bonds have significantly larger returns when the target's rating is below the acquirer's, when the combination is anticipated to decrease target risk or leverage, and when the target's maturity is shorter than the acquirer's. Finally, we find that target and acquirer announcement period bond returns are significantly larger in the 1990s.