---
_id: '36060'
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. '
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  last_name: Hippert
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Hippert B, Uhde A. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.
  apa: Hippert, B., &#38; Uhde, A. (n.d.). <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>.
    .
  mla: Hippert, Benjamin, and André Uhde. <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.
date_created: 2023-01-11T11:31:54Z
date_updated: 2023-11-17T10:23:54Z
department:
- _id: '186'
- _id: '188'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
publication_status: unpublished
status: public
title: CDS Investors’ Risk Perceptions of M&A Announcements
type: working_paper
user_id: '36049'
year: '2021'
...
---
_id: '20871'
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.
author:
- first_name: Sönke
  full_name: Sievers, Sönke
  id: '46447'
  last_name: Sievers
- first_name: Schmitz
  full_name: Alexander, Schmitz
  last_name: Alexander
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>
  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>
  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} }'
  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>.
  ieee: S. Sievers and S. Alexander, <i>What matters for organizing M&#38;As successfully?</i>
    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>.
  short: S. Sievers, S. Alexander, What Matters for Organizing M&#38;As Successfully?,
    2020.
date_created: 2021-01-05T12:04:55Z
date_updated: 2022-01-06T06:54:41Z
doi: 10.2139/ssrn.3679155
jel:
- G34
keyword:
- Mergers
- Acquisitions
- Success
- Processes
- Organization
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3679155
page: '73'
publication_status: published
status: public
title: What matters for organizing M&As successfully?
type: working_paper
user_id: '46447'
year: '2020'
...
---
_id: '13146'
abstract:
- lang: eng
  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.
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
citation:
  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.
  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.
  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} }'
  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.
  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.
  mla: Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers
    and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. 2019.
  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.
date_created: 2019-09-06T08:56:48Z
date_updated: 2022-01-06T06:51:29Z
department:
- _id: '186'
- _id: '188'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
place: Working Papers Dissertations from Paderborn University, Faculty of Business
  Administration and Economics
series_title: No 52
status: public
title: The relationship between announcements of complete mergers and acquisitions
  and acquirers' abnormal CDS spread changes
type: working_paper
user_id: '21810'
year: '2019'
...
---
_id: '15392'
abstract:
- lang: eng
  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."
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
citation:
  ama: Uhde A, Hippert B. <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>.
  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} }'
  chicago: Uhde, André, and Benjamin Hippert. <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.
  mla: Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements
    of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>.
    2019.
  short: A. Uhde, B. Hippert, The Relationship between Announcements of Complete Mergers
    and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes, 2019.
date_created: 2019-12-18T15:53:47Z
date_updated: 2024-04-17T13:35:41Z
department:
- _id: '19'
- _id: '186'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
status: public
title: The relationship between announcements of complete mergers and acquisitions
  and acquirers' abnormal CDS-Spread changes
type: working_paper
user_id: '36049'
year: '2019'
...