Bond market access and acquisitions: empirical evidence from the European market

Magnus Blomkvist, Teemu Friman, Timo Korkeamäki*

*Tämän työn vastaava kirjoittaja

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu

1 Sitaatiot (Scopus)

Abstrakti

We investigate whether access to bond markets affects acquisition activity of the European firms between 1999 and 2014. Our study provides insight into the effect that the growing European bond market has on corporate investment activity. We find that access to the bond markets, measured by the existence of a credit rating, has a significant effect on the tendency of firms to make acquisitions. The effect is strongest in Continental Europe and during times of high acquisition activity. We further find that consistent with prior U.S. evidence, bond market access has an inverse effect on abnormal returns generated by the acquisitions. That finding suggests that firms with superior access to financing pursue targets of lesser quality.

AlkuperäiskieliEnglanti
Sivut478-498
Sivumäärä21
JulkaisuEUROPEAN JOURNAL OF FINANCE
Vuosikerta24
Numero6
DOI - pysyväislinkit
TilaJulkaistu - 13 huhtikuuta 2018
OKM-julkaisutyyppiA1 Julkaistu artikkeli, soviteltu

Sormenjälki Sukella tutkimusaiheisiin 'Bond market access and acquisitions: empirical evidence from the European market'. Ne muodostavat yhdessä ainutlaatuisen sormenjäljen.

  • Siteeraa tätä