Chung, Hae Jin; Jang, Eunyoung; Park, Kwangwoo - In: Global banking, financial markets and crises, (pp. 449-475). 2013
This chapter examines the effect of creditors’ monitoring role on the profitability of firm acquisitions. We use the shares retained by the lead arranger of a syndicated loan as a proxy for monitoring level. We find that acquirer announcement returns are positively related to the shares...