This paper is the first to examine the determinants of acquisitions for the U.S. thrift industry during a period of market liberalization and widespread takeover activity, 1994 to 2000.(...)

This paper provides a comprehensive study of deal characteristics and participants’ involvement in leveraged buyouts (LBOs) and their impact on target firms’ performance. Using a sample of 501 U.S. LBOs completed between 1986 and 2011, I find that better post-buyout operating performance are...

We use a proprietary dataset to explore (i) the financial covenant structure and (ii) the determinants of their restrictiveness in leveraged buyouts. With respect to (i) we find that the covenant structure is more standardized in sponsored than in non-sponsored loans: the former show less...

Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few antitakeover defenses face a higher cost of debt because lenders are concerned that takeovers may...

We investigate the impact of domestic and international bank-insurance deals on the risk-return profiles of bidding banks, peer banks and peer insurers within a GARCH framework. We find that both announcing and non-announcing firms experience positive abnormal returns with the effect on insurer...

This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support...

In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...

In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...

Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in general associated with higher risks. In addition, we find that banks controlled by the central government have the highest...

I document evidence that 525 S&P 1500 companies that remove anti-takeover provisions (``ATPs") in period 2009-22017 raise their CEO inside debt afterwards to address the heightened agency problem of debt due to increased leverage. By using a difference-in-difference-in-difference analysis, I...