| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18840 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w18840 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576515 |
| 推荐引用方式 GB/T 7714 | Isil Erel,Yeejin Jang,Michael S. Weisbach. Do Acquisitions Relieve Target Firms' Financial Constraints?. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18840.pdf（522KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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