Registro completo de metadatos
Campo DC | Valor |
---|---|
dc.contributor.author | Campa, José Manuel |
dc.contributor.author | Hernando, Ignacio |
dc.date.accessioned | 2019-08-10T17:55:05Z |
dc.date.available | 2019-08-10T17:55:05Z |
dc.date.issued | 2009-07-29 |
dc.identifier.issn | ISSN: 0213-2710 (en papel) |
dc.identifier.issn | ISSN: 1579-8666 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/6989 |
dc.description.abstract | The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions, the method of payment and value creation in a sample of European M&A transactions. The contribution of the paper is twofold. First, we analyze to what extent more generous financing conditions lead to deals that were less-likely to be value creating. Second, we estimate a joint model on the likelihood of choosing cash as a method of payment and the amount of value-created by such deals, controlling for the impact of financial conditions. We find that lower corporate bond spreads are correlated with less value creation in M&A deals suggesting that easy financial conditions may have resulted in M&A deals less-likely to generate value. We also find that higher leverage and a better cash-flow position of the target are more likely to result in cash deals and these deals provide higher excess returns to targets although do not generate value for the deal |
dc.format.extent | 39 p. : gráf., tab. |
dc.language.iso | eng |
dc.publisher | Banco de España |
dc.relation.ispartof | Documentos de Trabajo / Banco de España, 0915 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | Mergers and acquisitions |
dc.subject | Payment method |
dc.subject | Credit conditions |
dc.title | Cash, access to credit, and value creation in M&As |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000231820 |
dc.identifier.bdepub | DTRA-200915-eng |
dc.subject.bde | Créditos |
dc.subject.bde | Monopolios, concentraciones y alianzas empresariales |
dc.publisher.bde | Madrid : Banco de España, 2009 |
dc.subject.jel | G14 |
dc.subject.jel | G32 |
dc.subject.jel | G34 |