Credit ratings and acquisitions

被引：22

作者：

Aktas, Nihat ^{[1
]}

Petmezas, Dimitris ^{[2
]}

Servaes, Henri ^{[3
,4
]}

Karampatsas, Nikolaos ^{[5
]}

机构：

[1] WHU Otto Beisheim Sch Management, Vallendar, Germany

[2] Durham Univ Business Sch, Durham, England

[3] London Business Sch, CEPR, London, England

[4] ECGI, London, England

[5] Univ Surrey, Surrey Business Sch, Guildford, Surrey, England

来源：

JOURNAL OF CORPORATE FINANCE | 2021年 / 69卷

关键词：

Credit ratings; Acquisition likelihood; Acquisition announcement returns; Downgrades; CORPORATE GOVERNANCE; CAPITAL STRUCTURE; BOND RATINGS; DEBT; MARKET; INVESTMENT; EQUITY; FIRMS; RETURNS; DEFAULT;

D O I：

10.1016/j.jcorpfin.2021.101986

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

There is a curvilinear relation between credit ratings and acquisitions. Non-investment grade firms make more acquisitions as their ratings improve, consistent with the relaxation of financial constraints. However, this pattern reverses for investment grade firms, supporting the view that such firms want to preserve their rating and are concerned about acquisition-related downgrades. Abnormal returns first decrease and then increase as ratings improve. In support of these findings, acquisitions have a negative impact on future ratings only for highly-rated firms. These results indicate that the level of a firm's credit rating has a significant impact on the acquisition process.

引用

页数：21

共 73 条

[1] The Importance of Industry Links in Merger Waves [J].