SWF investments and debt maturity of target firms: An international evidence

被引：4

作者：

Ghouma, Hatem H. ^{[1
]}

Ouni, Zeineb ^{[2
]}

机构：

[1] St Francis Xavier Univ, Gerald Schwartz Sch Business, Antigonish, NS, Canada

[2] Univ Quebec Trois Rivieres, Trois Rivieres, PQ, Canada

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Sovereign wealth fund; Bond maturity; SOVEREIGN WEALTH FUNDS; EQUITY OWNERSHIP; CORPORATE; COST; MARKET; PROTECTION; RIGHTS; IMPACT;

D O I：

10.1016/j.frl.2021.102312

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a sample of bonds issued by firms acquired by sovereign wealth funds (SWFs), we find a negative relationship between SWFs ownership and maturities of the bonds issued by their target firms. This deterioration in the bond contracting terms supports the political agenda hypothesis suggesting that SWFs, because of their superior information and non-value maximizing agenda, could represent a threat to bondholders and hence exacerbates the agency problem.

引用

页数：7

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