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来源类型Working Paper
规范类型报告
DOI10.3386/w18840
来源IDWorking Paper 18840
Do Acquisitions Relieve Target Firms' Financial Constraints?
Isil Erel; Yeejin Jang; Michael S. Weisbach
发表日期2013-02-28
出版年2013
语种英语
摘要Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition. We evaluate these predictions on a sample of 5,187 European acquisitions occurring between 2001 and 2008, for which we can observe the target's financial policies both before and after the acquisition. We examine whether target firms' post-acquisition financial policies reflect improved access to capital. We find that the level of cash target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while investment significantly increases following the acquisition. These effects are stronger in deals that are more likely to be associated with financing improvements. These findings are consistent with the view that acquisitions ease financial frictions in target firms.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w18840
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/576515
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Isil Erel,Yeejin Jang,Michael S. Weisbach. Do Acquisitions Relieve Target Firms' Financial Constraints?. 2013.
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