Publicação
An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020
| Resumo: | I study 1858 mergers and acquisitions by US public acquirers between 1984 and 2020 to assess the impact of cross-ownership on post-M&A acquirer bankruptcy risk. Addressing a gap in existing literature, my statistically significant findings indicate that presence of cross ownership and a higher number of cross-owners decrease bankruptcy risk. Notably, risk is elevated with greater cross-ownership levels and larger cross-owner stakes in acquirers, explained by higher asymmetric information. Conversely, bigger cross-owner stakes in targets reduce bankruptcy risk. In conjunction with cross-ownership, greater executive motivation lowers risk, whereas interaction between higher number of cross-owners and monitoring increases post-M&A bankruptcy risk. |
|---|---|
| Autores principais: | Zheltov, Petr |
| Assunto: | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| _version_ | 1868982889571418112 |
|---|---|
| author | Zheltov, Petr |
| author_facet | Zheltov, Petr |
| author_role | author |
| contributor_name_str_mv | Desai, Pranav RUN |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Zheltov, Petr\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Desai, Pranav RUN |
| datacite.creators.creator.creatorName.fl_str_mv | Zheltov, Petr |
| datacite.date.Accepted.fl_str_mv | 2024-01-18T00:00:00Z |
| datacite.date.available.fl_str_mv | 2024-12-09T10:35:24Z |
| datacite.date.embargoed.fl_str_mv | 2024-12-09T10:35:24Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| datacite.titles.title.fl_str_mv | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| dc.contributor.none.fl_str_mv | Desai, Pranav RUN |
| dc.creator.none.fl_str_mv | Zheltov, Petr |
| dc.date.Accepted.fl_str_mv | 2024-01-18T00:00:00Z |
| dc.date.available.fl_str_mv | 2024-12-09T10:35:24Z |
| dc.date.embargoed.fl_str_mv | 2024-12-09T10:35:24Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10362/176305 |
| dc.language.none.fl_str_mv | eng |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| dc.title.fl_str_mv | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_bdcc |
| description | I study 1858 mergers and acquisitions by US public acquirers between 1984 and 2020 to assess the impact of cross-ownership on post-M&A acquirer bankruptcy risk. Addressing a gap in existing literature, my statistically significant findings indicate that presence of cross ownership and a higher number of cross-owners decrease bankruptcy risk. Notably, risk is elevated with greater cross-ownership levels and larger cross-owner stakes in acquirers, explained by higher asymmetric information. Conversely, bigger cross-owner stakes in targets reduce bankruptcy risk. In conjunction with cross-ownership, greater executive motivation lowers risk, whereas interaction between higher number of cross-owners and monitoring increases post-M&A bankruptcy risk. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| fulltext.url.fl_str_mv | https://run.unl.pt/bitstreams/e87ee20c-5740-40f6-bcb0-47ed0e1188aa/download |
| id | run_efe20c188e4eec159552fe8a6dbe21f2 |
| identifier.url.fl_str_mv | http://hdl.handle.net/10362/176305 |
| inst_facet_str | urn:organizationAcronym:unl{{{_:::_}}}Universidade Nova de Lisboa |
| instacron_str | unl |
| institution | Universidade Nova de Lisboa |
| instname_str | Universidade Nova de Lisboa |
| language | eng |
| network_acronym_str | run |
| network_name_str | Repositório Institucional da UNL |
| oai_identifier_str | oai:run.unl.pt:10362/176305 |
| organization_str_mv | urn:organizationAcronym:unl |
| person_str_mv | Zheltov, Petr |
| publishDate | 2024 |
| repo_facet_str | urn:repositoryAcronym:run{{{_:::_}}}Repositório Institucional da UNL |
| reponame_str | Repositório Institucional da UNL |
| repository_id_str | urn:repositoryAcronym:run |
| service_str_mv | urn:repositoryAcronym:run |
| spelling | engpt_PTI study 1858 mergers and acquisitions by US public acquirers between 1984 and 2020 to assess the impact of cross-ownership on post-M&A acquirer bankruptcy risk. Addressing a gap in existing literature, my statistically significant findings indicate that presence of cross ownership and a higher number of cross-owners decrease bankruptcy risk. Notably, risk is elevated with greater cross-ownership levels and larger cross-owner stakes in acquirers, explained by higher asymmetric information. Conversely, bigger cross-owner stakes in targets reduce bankruptcy risk. In conjunction with cross-ownership, greater executive motivation lowers risk, whereas interaction between higher number of cross-owners and monitoring increases post-M&A bankruptcy risk.application/pdfpt_PTAn empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020Zheltov, PetrDesai, PranavHostingInstitutionOrganizationalRUNe-mailmailto:run@unl.ptrun@unl.ptURNurn:tid:2036812402024-12-09T10:35:24Z2024-01-182024-01-182024-01-18T00:00:00ZHandlehttp://hdl.handle.net/10362/176305http://purl.org/coar/access_right/c_abf2open accessCorporate financeMergers and acquisitions (M&A)Institutional investorsCross-ownershipBankruptcy riskZ-score model492321 bytesliteraturehttp://purl.org/coar/resource_type/c_bdccmaster thesishttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://run.unl.pt/bitstreams/e87ee20c-5740-40f6-bcb0-47ed0e1188aa/download |
| spellingShingle | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 Zheltov, Petr Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| status | SINGLETON |
| subject.fl_str_mv | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| title | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| title_full | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| title_fullStr | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| title_full_unstemmed | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| title_short | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| title_sort | An empirical analysis of the impact of mergers and acquisitions involving institutional cross-owners on post-merger bankruptcy risk of acquirers in the United States between 1984 and 2020 |
| topic | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| topic_facet | Corporate finance Mergers and acquisitions (M&A) Institutional investors Cross-ownership Bankruptcy risk Z-score model |
| url | http://hdl.handle.net/10362/176305 |
| visible | 1 |