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Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions

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  • Renneboog, Luc

    (Tilburg University, Center For Economic Research)

  • Szilagyi, Peter

    (Tilburg University, Center For Economic Research)

  • Vansteenkiste, Cara

    (Tilburg University, Center For Economic Research)

Abstract

This article shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their firm to a jurisdiction with stronger creditor rights and more efficient claims enforcement through courts. Positive creditor protection spillovers are enhanced by now-global jurisdictional cooperation in multinational insolvencies and creditors’ ability to do insolvency arbitrage. The spillover effects we observe are stronger for firms with higher asset risk, longer maturity bonds, and a higher likelihood of financial distress.
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  • Renneboog, Luc & Szilagyi, Peter & Vansteenkiste, Cara, 2017. "Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions," Discussion Paper 2017-012, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:e3b3753d-87d4-46d6-be12-30e993c9b87a
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    More about this item

    Keywords

    bondholder value; cross-border mergers and acquisitions (M&As); creditor rights; legal enforcement; eurobonds;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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