12:00 - 13:30
Nador u. 9
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
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.