Realokace kapitálu evropských firem po fúzích a akvizicích v období let 19972013

Capital Diversion in European Firms after Merger and Acquisions, 1997/2013

Jan Hanousek, Anastasiya Shamshur and Jiří Trešl

Politická ekonomie, 2017, vol. 2017, issue 5, 546-561

Abstract: This study examines the diversion of funds in M&A deals, using over 7,500 deals from core European countries for the period from 1997 to 2013, sourced from the Zephyr database. Theoretical predictions suggest that in M&A deals acquiring companies may use the target's assets as collateral to raise funds which is then diverted within the internal capital markets. Our results do not indicate an increase in leverage burdens of target firms. While we do not find evidence that assets are used as collateral to raise financing, our results point to indirect clues that funds are diverted away from the target company after the acquisition.

Keywords: capital structure; M& A; transfer pricing; Europe (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.polek.1161

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