Syndicated loan lenders' impact on M&A acquirers' post merger operating performance and creditworthiness : evidence in U.S. M&A deals from year 2005 to 2011

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dc.contributor.authorHuang, Jianning
dc.contributor.authorUniversity of Lethbridge. Faculty of Management
dc.contributor.supervisorShao, Pei
dc.contributor.supervisorTian, Gloria
dc.date.accessioned2015-10-27T03:38:13Z
dc.date.available2015-10-27T03:38:13Z
dc.date.issued2015
dc.degree.levelMastersen_US
dc.description.abstractFinancial intermediaries (such as banks) are delegated to monitor borrowers (Diamond, 1984). In the merger wave, many acquirers raise funds by borrowing syndicated loans to fund their M&A deals (Huang, Lu, & Srinivasan, 2012). However, banks’ monitoring of borrowers does not enhance firm value to the extent that the acquirers’ shareholders can benefit (Huang et al., 2012). Based on unadjusted measures, we found that M&A deals financed by syndicated loans experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). M&A deals financed by relationship lenders experience better post-merger operating performance (ROA) and creditworthiness (EDF). M&A deals financed by reputable lenders experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). However, M&A deals financed by institutional lenders experience worse post-merger operating performance (ROA) and worse creditworthiness (EDF), and transactional lenders have almost no impact on the borrowers’ post-merger operating performance and creditworthiness.en_US
dc.embargoNoen_US
dc.identifier.urihttps://hdl.handle.net/10133/3767
dc.language.isoen_CAen_US
dc.proquest.subject0508en_US
dc.proquestyesYesen_US
dc.publisherLethbridge, Alta. : University of Lethbridge, Faculty of Management
dc.publisher.facultyManagementen_US
dc.relation.ispartofseriesThesis (University of Lethbridge. Faculty of Management)
dc.subjectcreditworthiness
dc.subjectM&A
dc.subjectpost-merger performance
dc.subjectsyndicated loans
dc.titleSyndicated loan lenders' impact on M&A acquirers' post merger operating performance and creditworthiness : evidence in U.S. M&A deals from year 2005 to 2011en_US
dc.typeThesisen_US
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