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- [1] PRICE-TO-EARNINGS MULTIPLES AND MERGERS AND ACQUISITIONS[J]. COMPETITIVENESS REVIEW, 2006, 16 (01) : 32 - 37Xu, LianzanCai, Francis
Loan price in mergers and acquisitions
被引：3
|作者：
Gao, Ning
[1
]
Hua, Chen
[2
]
Khurshed, Arif
[1
]
机构：
[1] Univ Manchester, Alliance Manchester Business Sch, Accounting & Finance Grp, Manchester, Lancs, England
[2] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China
关键词：
Loan price;
Mergers and acquisitions (M&As);
Relative deal size;
Post-acquisition performance;
CORPORATE PERFORMANCE;
CAPITAL STRUCTURE;
ACQUIRING FIRMS;
AGENCY COSTS;
MARKET;
INVESTMENT;
DECISIONS;
INFORMATION;
CONTRACTS;
LEVERAGE;
D O I：
10.1016/j.jcorpfin.2020.101754
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate loan price in mergers and acquisitions (M&As), using hand-matched loan information for a sample of 512 U.S. M&A transactions. We find the relative size of a deal constitutes a prominent determinant of the loan price measured by the all-in spread drawn (AISD). This result is robust to several specifications that address endogeneity concerns. Cross-sectional analyses show that aggravated credit risk and information uncertainty after M&A go some way towards explaining lenders' concerns over large relative deal size. Further analysis demonstrates higher AISD is associated with lower post-transaction performance, indicating loan price factors in the risk of poor post-transaction performance correctly.
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页数：26
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