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- W3126016827 abstract "In Mergers and Acquisitions (M&As) a significant proportion of targets’ equity is owned by financial institutions that simultaneously own targets’ bonds (“dual holders”). Targets with larger equity ownership by dual holders have lower M&A equity premia and larger abnormal bond returns, particularly when dual holders stand to benefit more from appreciation of their bond stakes, e.g., when their bond ownership in the target is large and the target credit rating is non-investment grade. Dual holders are more likely to vote in favor of the merger proposal. Our results suggest the presence of coordination of decisions within dual holding financial conglomerates in M&A targets." @default.
- W3126016827 created "2021-02-01" @default.
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- W3126016827 date "2016-04-01" @default.
- W3126016827 modified "2023-10-16" @default.
- W3126016827 title "Dual ownership, returns, and voting in mergers" @default.
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- W3126016827 doi "https://doi.org/10.1016/j.jfineco.2016.01.021" @default.
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