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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

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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

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