| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19378 |
| 来源ID | Working Paper 19378 |
| Financial vs. Strategic Buyers | |
| Marc Martos-Vila; Matthew Rhodes-Kropf; Jarrad Harford | |
| 发表日期 | 2013-08-29 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of overvalued debt might seem limited since both acquirer types and target firms can access the debt markets. However, fundamental differences in governance and project co-insurance between the two types of acquirer interact with debt misvaluation, resulting in variation in how assets are owned that depends on debt market conditions. We find support for our theory in merger data using a novel measure of debt misvaluation. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w19378 |
| 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/577053 |
| 推荐引用方式 GB/T 7714 | Marc Martos-Vila,Matthew Rhodes-Kropf,Jarrad Harford. Financial vs. Strategic Buyers. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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