Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions
may 17
 
DATE:
2016
May 17.
12:00 - 13:30
THIS EVENT IS OPEN TO THE PUBLIC
 
LOCATION:
CEU Monument Building, Senate Room
Nador u. 9
Budapest 1051
 
 
 
Lecture
 
 
Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions
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CEU Business School Research Seminar Series

We cordially invite you to the next seminar: 

Date: May 17, 2016 12:00-13.30 P.M.

Location: CEU Monument Building, Nador u. 9, Senate Room

Lecture by Associate Professor Peter Szilagyi

 

Abstract:
This paper shows that bond performance around M&A announcements is highly sensitive to cross-country differences in creditor protection. Using a global sample of M&As involving firms with outstanding Eurobonds, we find that both bidder and target bonds perform significantly better when they become exposed to a jurisdiction with stronger creditor rights and more efficient claims enforcement. These creditor protection spillovers are greater in scope than was previously assumed, and are intensified by the ability of creditors to arbitrage across legal systems. 

 
  • "I have been recently nominated as the Regional IT Manager for West Africa at Unilever. My CEU Business School education has been a key differentiator during an otherwise very competitive recruitment process. I would like to thank all my great peers of the 2013-14 cohort and the wonderful faculty at the B-School for the valuable learning experience I had during my time in BP."

    Moussa Moumouni

    MSc in IT Management class of 2014

     
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