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- W2912116265 endingPage "58" @default.
- W2912116265 startingPage "37" @default.
- W2912116265 abstract "We investigate the takeover strategies of high default risk acquirers and their value impact. We find that these bidders select bigger, less profitable and unrelated targets, pursue transactions during recessions, and pay with shares by offering target shareholders high premiums. Their long-term buy-and-hold returns are extremely negative, and reflect fundamentally their substantial drop in profitability combined with high leverage. We show that the well-established long-run underperformance of acquiring firms is largely driven by this sub-set of acquirers. The results are similar when we use alternative measures of default risk and performance, and a global sample of non-US bidders." @default.
- W2912116265 created "2019-02-21" @default.
- W2912116265 creator A5012884133 @default.
- W2912116265 creator A5057866424 @default.
- W2912116265 creator A5067950783 @default.
- W2912116265 creator A5078048187 @default.
- W2912116265 date "2019-04-01" @default.
- W2912116265 modified "2023-09-25" @default.
- W2912116265 title "The performance of acquisitions by high default risk bidders" @default.
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