[{"type":"working_paper","abstract":[{"lang":"eng","text":"Merging a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across Europe and North America with data from 5-year single-name credit default swaps (CDSs) written on stock-listed acquiring firms between 2005 and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions of M&A announcements using event study methodologies. As a baseline result, we provide evidence for significantly positive cumulative average abnormal CDS spread changes for both, European and North American acquirers suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design. Moreover, results from a large variety of sensitivity analyses reveal a number of deal and firm characteristics that may explain why CDS investors from our sample expect an increase in the acquirers’ credit risk exposures due to forthcoming M&A transactions. "}],"status":"public","_id":"36060","department":[{"_id":"186"},{"_id":"188"}],"user_id":"36049","keyword":["credit default swaps","risk perception of CDS investors","mergers and acquisitions","event study"],"language":[{"iso":"eng"}],"publication_status":"unpublished","year":"2021","citation":{"apa":"Hippert, B., &#38; Uhde, A. (n.d.). <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.","short":"B. Hippert, A. Uhde, CDS Investors’ Risk Perceptions of M&#38;A Announcements, n.d.","mla":"Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.","bibtex":"@book{Hippert_Uhde, title={CDS Investors’ Risk Perceptions of M&#38;A Announcements}, author={Hippert, Benjamin and Uhde, André} }","chicago":"Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>, n.d.","ieee":"B. Hippert and A. Uhde, <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>. .","ama":"Hippert B, Uhde A. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>."},"jel":["G14","G34"],"date_updated":"2023-11-17T10:23:54Z","date_created":"2023-01-11T11:31:54Z","author":[{"first_name":"Benjamin","last_name":"Hippert","full_name":"Hippert, Benjamin"},{"first_name":"André","full_name":"Uhde, André","id":"36049","last_name":"Uhde"}],"title":"CDS Investors’ Risk Perceptions of M&A Announcements"},{"abstract":[{"lang":"eng","text":"How is merger and acquisition (M&A) success associated with firm internal M&A process organization? The literature thus far acknowledges that unobservable internal firm characteristics are at least as important as observable firm- and deal-specific characteristics in regard to explaining M&A success. Thus, this paper directly asks M&A experts around the globe to shed more light on this important issue. We investigate three indices, capturing the degree of M&A 1) process standardization, 2) process duration, and 3) process attention. Next, we analyze the process participation among four organizational layers, i.e., the functional involvement of the a) top management team, b) headquarters, c) business unit management, and d) business unit functions. We predict and find that all three indices are positively associated with M&A success, while process standardization and attention to deal strategy are of particular importance. Turning to the four organizational layers, a textured analysis shows that, for instance, target valuation should be performed by the headquarters functions but not by the top management team or the business unit. Overall, our findings are important to better understand unexplored M&A success drivers and provide directions for future research. Finally, our results might help practitioners adjust their M&A process organization to further improve their M&A success."}],"status":"public","type":"working_paper","keyword":["Mergers","Acquisitions","Success","Processes","Organization"],"language":[{"iso":"eng"}],"_id":"20871","user_id":"46447","year":"2020","page":"73","citation":{"ama":"Sievers S, Alexander S. <i>What Matters for Organizing M&#38;As Successfully?</i>; 2020. doi:<a href=\"https://doi.org/10.2139/ssrn.3679155\">10.2139/ssrn.3679155</a>","ieee":"S. Sievers and S. Alexander, <i>What matters for organizing M&#38;As successfully?</i> 2020.","chicago":"Sievers, Sönke, and Schmitz Alexander. <i>What Matters for Organizing M&#38;As Successfully?</i>, 2020. <a href=\"https://doi.org/10.2139/ssrn.3679155\">https://doi.org/10.2139/ssrn.3679155</a>.","short":"S. Sievers, S. Alexander, What Matters for Organizing M&#38;As Successfully?, 2020.","bibtex":"@book{Sievers_Alexander_2020, title={What matters for organizing M&#38;As successfully?}, DOI={<a href=\"https://doi.org/10.2139/ssrn.3679155\">10.2139/ssrn.3679155</a>}, author={Sievers, Sönke and Alexander, Schmitz}, year={2020} }","mla":"Sievers, Sönke, and Schmitz Alexander. <i>What Matters for Organizing M&#38;As Successfully?</i> 2020, doi:<a href=\"https://doi.org/10.2139/ssrn.3679155\">10.2139/ssrn.3679155</a>.","apa":"Sievers, S., &#38; Alexander, S. (2020). <i>What matters for organizing M&#38;As successfully?</i> <a href=\"https://doi.org/10.2139/ssrn.3679155\">https://doi.org/10.2139/ssrn.3679155</a>"},"jel":["G34"],"publication_status":"published","title":"What matters for organizing M&As successfully?","doi":"10.2139/ssrn.3679155","main_file_link":[{"url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3679155"}],"date_updated":"2022-01-06T06:54:41Z","author":[{"id":"46447","full_name":"Sievers, Sönke","last_name":"Sievers","first_name":"Sönke"},{"full_name":"Alexander, Schmitz","last_name":"Alexander","first_name":"Schmitz"}],"date_created":"2021-01-05T12:04:55Z"},{"_id":"13146","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","series_title":"No 52","keyword":["credit default swaps","risk perception of CDS investors","mergers and acquisitions","event study"],"language":[{"iso":"eng"}],"type":"working_paper","abstract":[{"text":"Employing a sample of 492 merger and acquisition (M&A) announcements from 284 acquirers across North America and Europe between 2005 and 2018, this study analyzes the impact of M&A announcements on an acquirers abnormal CDS spread changes. We find that spreads from CDS which are written on acquirers increase by 310 bps during a symmetric five-day event window suggesting that investors expect an increase in the acquirers credit risk exposure due to M&As. Next to this baseline finding, we conduct a large variety of sensitivity analyses to gain more insight into the driving factors of the rising risk perception of CDS investors due to M&A announcements.","lang":"eng"}],"status":"public","date_updated":"2022-01-06T06:51:29Z","author":[{"last_name":"Hippert","full_name":"Hippert, Benjamin","id":"48476","first_name":"Benjamin"}],"date_created":"2019-09-06T08:56:48Z","title":"The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes","place":"Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics","year":"2019","jel":["G14","G34"],"citation":{"apa":"Hippert, B. (2019). <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics.","mla":"Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. 2019.","bibtex":"@book{Hippert_2019, place={Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics}, series={No 52}, title={The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes}, author={Hippert, Benjamin}, year={2019}, collection={No 52} }","short":"B. Hippert, The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes, Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","ama":"Hippert B. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics; 2019.","ieee":"B. Hippert, <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","chicago":"Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. No 52. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019."}},{"_id":"15392","user_id":"36049","department":[{"_id":"19"},{"_id":"186"}],"keyword":["credit default swaps","risk perception of CDS investors","mergers and acquisitions","event study"],"language":[{"iso":"eng"}],"type":"working_paper","abstract":[{"text":"Employing a sample of 492 merger and acquisition (M&A) announcements from\r\n284 acquirers across North America and Europe between 2005 and 2018, this study\r\nanalyzes the impact of M&A announcements on an acquirers abnormal CDS spread\r\nchanges. We \fnd that spreads from CDS which are written on acquirers increase\r\nby 310 bps during a symmetric \fve-day event window suggesting that investors\r\nexpect an increase in the acquirers credit risk exposure due to M&As. Next to\r\nthis baseline \fnding, we conduct a large variety of sensitivity analyses to gain more\r\ninsight into the driving factors of the rising risk perception of CDS investors due to\r\nM&A announcements.","lang":"eng"}],"status":"public","date_updated":"2024-04-17T13:35:41Z","author":[{"orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","id":"36049","full_name":"Uhde, André","first_name":"André"},{"first_name":"Benjamin","full_name":"Hippert, Benjamin","id":"48476","last_name":"Hippert"}],"date_created":"2019-12-18T15:53:47Z","title":"The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS-Spread changes","year":"2019","citation":{"ama":"Uhde A, Hippert B. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>.; 2019.","ieee":"A. Uhde and B. Hippert, <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes</i>. 2019.","chicago":"Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>, 2019.","apa":"Uhde, A., &#38; Hippert, B. (2019). <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes</i>.","short":"A. Uhde, B. Hippert, The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes, 2019.","mla":"Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>. 2019.","bibtex":"@book{Uhde_Hippert_2019, title={The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes}, author={Uhde, André and Hippert, Benjamin}, year={2019} }"},"jel":["G14","G34"]}]