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| Tekijä: | Safieddine, A. Titman, S. |
| Otsikko: | Leverage and corporate performance: evidence from unsuccessful takeovers |
| Lehti: | Journal of Finance
1999 : APR, VOL. 54:2, p. 547-580 |
| Asiasana: | FINANCE SUCCESS MERGERS |
| Kieli: | eng |
| Tiivistelmä: | This paper finds that, on average, targets that terminate takeover offers significantly increase their leverage ratios. Targets that increase their leverage ratios the most reduce capital expenditures, sell assets, reduce employment, increase focus, and realize cash flows and share prices that outperform their benchmarks in the five years following the failed takeover. The authors' evidence suggests that leverage-increasing targets act in the interests of shareholders when they terminate takeover offers. |
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