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M&As, Investment and Financing Constraints

Nicole Wößner and Joel Stiebale ()

Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: We use a panel data set of European firms to analyze the effects of domestic and international M&As on target firms' investment and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results show that upon acquisition, target firms obtain better access to external finance, are characterized by higher levels of tangible and intangible assets, and display lower dependence of investments and cash savings to the availability of internal funds.

JEL-codes: G34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-eur and nep-int
Date: 2017
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Working Paper: M&As, investment and financing constraints (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168064

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