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Credit Ratings and Acquisitions

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  • Servaes, Henri
  • Aktas, Nihat
  • Karampatsas, Nikolaos
  • Petmezas, Dimitris

Abstract

We document a curvilinear relation between credit ratings and acquisitions, where acquisitiveness first goes up and then down as credit ratings increase, with a maximum around the A minus threshold. This pattern is broken by firms around the high-yield cut-off, which are more reluctant to make acquisitions. The increase in acquisitiveness at low rating levels is accompanied by lower announcement returns. Acquisitions have a negative impact on credit ratings, even after controlling for all the characteristics potentially influenced by the transaction itself, and especially for mergers that are poorly received by the stock market. This work suggests that a firm?s credit rating exerts substantial influence on the acquisition process and that rating agencies pay particular attention to acquisitions when deciding on the creditworthiness of firms.

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  • Servaes, Henri & Aktas, Nihat & Karampatsas, Nikolaos & Petmezas, Dimitris, 2015. "Credit Ratings and Acquisitions," CEPR Discussion Papers 10719, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:10719
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    Keywords

    Financial constraints; Credit rating; Mergers & acquisitions;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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