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- W2766314878 abstract "This study investigates the wealth effects of block share purchases on bondholders of target firms. Prior research focuses on hedge fund intervention and documents negative excess bond returns around the filings of block transactions. In this paper, we examine both passive and active block transactions and consider the diverse nature of blockholders across three important dimensions: blockholders’ identities, motives, and purchasing methods. We show that bond price reactions exhibit significant cross-sectional variations which strongly correlate with blockholders’ heterogeneity. The results indicate that whereas bond returns are negative in deals in which blockholders pursue governance agendas, they are significantly positive when blockholders help alleviate target firms’ debt obligations. Moreover, block purchases through private placements are associated with significantly lower bond returns than those through open-market block trades, a finding more consistent with the managerial entrenchment hypothesis. Further analysis shows the efficacy of bond covenants, especially payout restrictions, in protecting bondholder wealth in block transactions. Lastly, target firms’ policy and performance changes following block purchases are closely related to blockholders’ identities and motives. Overall, our findings highlight the significant effects of blockholders’ heterogeneity on target firms’ bond returns." @default.
- W2766314878 created "2017-11-10" @default.
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- W2766314878 date "2017-10-17" @default.
- W2766314878 modified "2023-09-24" @default.
- W2766314878 title "The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-on Activities" @default.
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