Loan price in mergers and acquisitions
نویسندگان
چکیده
We investigate loan price in mergers and acquisitions (M&As), using hand-matched information for a sample of 512 U.S. M&A transactions. find the relative size deal constitutes prominent determinant measured by all-in spread drawn (AISD). This result is robust to several specifications that address endogeneity concerns. Cross-sectional analyses show aggravated credit risk uncertainty after go some way towards explaining lenders' concerns over large size. Further analysis demonstrates higher AISD associated with lower post-transaction performance, indicating factors poor performance correctly.
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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2021
ISSN: ['0929-1199', '1872-6313']
DOI: https://doi.org/10.1016/j.jcorpfin.2020.101754