Foreign Acquisition and Credit Risk: Evidence from the U.S. CDS Market
研究发现外国大额收购比国内收购更显著提高美国目标公司的信用违约互换利差，且地理文化距离越远、获得多数控制权时效应越强，支持信息不对称假说。
Abstract This article empirically analyzes the effect of foreign block acquisitions on U.S. target firms’ credit risk as measured by their credit default swap (CDS) spreads. Foreign block purchases lead to a greater increase in the target firms’ CDS premia post-acquisition compared to domestic block purchases. This effect is stronger when foreign owners are geographically and culturally more distant, and when they obtain majority control. The findings are consistent with an asymmetric information hypothesis, in which foreign owners are less effective monitors due to information barriers.