This paper empirically examines whether merged firms increase their financial leverage, possibly reducing the gap between actual and target leverage ratios, whether merging firms with higher growth opportunities have lower leverage ratios, and in which way the behaviour of acquirers belonging to various industries differ. Moreover, we study how the distributional characteristics of returns (mean, volatility, skewness, correlation) affect the deals, and whether there is any particular connection between means of payment and risk reduction in mergers.

E. Agliardi, Luk'ianova I. (2011). Evidence from corporate mergers: leverage, industry characteristics and returns’ moments. KORPORATIVNYE FINANSY, 5(4), 54-76 [10.17323/j.jcfr.2073-0438.5.4.2011.54-76].

Evidence from corporate mergers: leverage, industry characteristics and returns’ moments

AGLIARDI, ELETTRA;
2011

Abstract

This paper empirically examines whether merged firms increase their financial leverage, possibly reducing the gap between actual and target leverage ratios, whether merging firms with higher growth opportunities have lower leverage ratios, and in which way the behaviour of acquirers belonging to various industries differ. Moreover, we study how the distributional characteristics of returns (mean, volatility, skewness, correlation) affect the deals, and whether there is any particular connection between means of payment and risk reduction in mergers.
2011
E. Agliardi, Luk'ianova I. (2011). Evidence from corporate mergers: leverage, industry characteristics and returns’ moments. KORPORATIVNYE FINANSY, 5(4), 54-76 [10.17323/j.jcfr.2073-0438.5.4.2011.54-76].
E. Agliardi; Luk'ianova I.
File in questo prodotto:
File Dimensione Formato  
CFJ20_54_76_Agliardi_Lukianova_[1].pdf

accesso aperto

Tipo: Versione (PDF) editoriale
Licenza: Licenza per Accesso Aperto. Creative Commons Attribuzione (CCBY)
Dimensione 356.76 kB
Formato Adobe PDF
356.76 kB Adobe PDF Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/117861
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact