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Why do surviving targets leverage so much after an acquisistion: A governance explanation

hal.structure.identifier
dc.contributor.authorEnache, Luminita*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorde La Bruslerie, Hubert*
dc.date.accessioned2019-09-16T10:41:37Z
dc.date.available2019-09-16T10:41:37Z
dc.date.issued2019
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/19802
dc.language.isoenen
dc.subjectTransfer of valueen
dc.subjectLeverageen
dc.subjectCreditor’s holdupen
dc.subjectTarget firmsen
dc.subjectAcquisitionsen
dc.subject.ddc658.1en
dc.subject.classificationjelM.M1.M10en
dc.subject.classificationjelG.G3.G34en
dc.titleWhy do surviving targets leverage so much after an acquisistion: A governance explanationen
dc.typeCommunication / Conférence
dc.description.abstractenSurviving public firms after an acquisition will show important changes as the new controller generally undertakes investment and reorganization decisions to create additional value and seize synergies. An important issue is to balance a creditor’s holdup mechanism with the possibility for the creditors to capture a part of the synergy gains at the target’s level. We demonstrate empirically that an increase in leverage is developed to limit a transfer of value to creditors. The changes in financing structure are implemented shortly after the acquisition.en
dc.subject.ddclabelAcquisitions d'entreprisesen
dc.relation.conftitle42nd EAA (European Accounting Association) Annual Congressen
dc.relation.confdate2019-05
dc.relation.confcityLimassolen
dc.relation.confcountryCyprusen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2019-09-16T09:49:24Z
hal.identifierhal-02289101*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut
hal.author.functionaut


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