Foreign acquisition and credit risk: Evidence from the U.S. CDS market
dc.contributor.author | Yılmaz, Ümit | |
dc.date.accessioned | 2023-08-17T10:41:31Z | |
dc.date.available | 2023-08-17T10:41:31Z | |
dc.date.issued | 2023-06-17 | |
dc.identifier.issn | 0022-1090 | en_US |
dc.identifier.uri | http://hdl.handle.net/10679/8710 | |
dc.identifier.uri | https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/foreign-acquisition-and-credit-risk-evidence-from-the-us-cds-market/A862ADE27C1A74B5B7238E8F89BB153F | |
dc.description.abstract | This article empirically analyzes the effect of foreign block acquisitions on U.S. target firms' credit risk as measured by their credit default swap (CDS) spreads. Foreign block purchases lead to a greater increase in the target firms' CDS premia post-acquisition compared to domestic block purchases. This effect is stronger when foreign owners are geographically and culturally more distant, and when they obtain majority control. The findings are consistent with an asymmetric information hypothesis, in which foreign owners are less effective monitors due to information barriers. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Cambridge University Press | en_US |
dc.relation.ispartof | Journal of Financial and Quantitative Analysis | |
dc.rights | Attribution 4.0 International | |
dc.rights | openAccess | |
dc.rights.uri | https://creativecommons.org/licenses/by/4.0/ | |
dc.title | Foreign acquisition and credit risk: Evidence from the U.S. CDS market | en_US |
dc.type | Article | en_US |
dc.description.version | Publisher version | |
dc.peerreviewed | yes | en_US |
dc.publicationstatus | Published | en_US |
dc.contributor.department | Özyeğin University | |
dc.contributor.authorID | (ORCID 0000-0003-4145-6744 & YÖK ID ) Yılmaz, Ümit | |
dc.contributor.ozuauthor | Yılmaz, Ümit | |
dc.identifier.volume | 58 | en_US |
dc.identifier.issue | 4 | en_US |
dc.identifier.startpage | 1734 | en_US |
dc.identifier.endpage | 1767 | en_US |
dc.identifier.wos | WOS:000810269300001 | |
dc.identifier.doi | 10.1017/S0022109022000035 | en_US |
dc.identifier.scopus | SCOPUS:2-s2.0-85123910525 | |
dc.relation.publicationcategory | Article - International Refereed Journal - Institutional Academic Staff |
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