M&A Activity and the Capital Structure of Target Firms

We study 6,083 European firms that were acquired between 1999 and 2015. Soon after the acquisition, the acquired firms promptly and substantially close the gap between their actual leverage ratios and their target (optimal) ratios. Firms that were over- (under-) leveraged at the start of their acqui...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	Journal of financial and quantitative analysis 2023-08, Vol.58 (5), p.2064-2095
Hauptverfasser:	Flannery, Mark J., Hanousek, Jan, Shamshur, Anastasiya, Tresl, Jiri
Format:	Artikel
Sprache:	eng
Schlagworte:	Acquisition Acquisitions & mergers Assets Capital structure Companies Consolidated financial statements Cost control EU-Staaten Executive compensation Kapitalstruktur Leverage Ratios Target company Übernahme
Online-Zugang:	Volltext
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