---
_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publication_status: unpublished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: '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'
...
---
_id: '4951'
abstract:
- lang: eng
  text: Despite the rapid growth and potential of technology-based services, managers'
    greatest challenges are gaining customer acceptance and increasing usage of these
    new innovative services. In the B2C field, studies of self-service technology
    show that perceived risk is an important factor influencing the use of service
    technology. Though prior research explores different risk types that emerge in
    consumer settings, risk perception in the B2B setting lacks a detailed examination
    of different risk types influencing technology-based service adoption. Data from
    49 qualitative interviews with providers and customers in two different B2B industries
    inform this study. The findings emphasize the importance of functional and financial
    risks in a B2B context and show that business customers' personal and psychological
    fears hinder their use of technology-based services. Results highlight differences
    in risk perception and evaluation between customers and providers.
article_type: original
author:
- first_name: Stefanie
  full_name: Paluch, Stefanie
  last_name: Paluch
- first_name: Nancy
  full_name: Wünderlich, Nancy
  id: '36392'
  last_name: Wünderlich
citation:
  ama: Paluch S, Wünderlich N. Contrasting Risk Perceptions of Technology-Based Service
    Innovations in Inter-Organizational Settings. <i>Journal of business Research</i>.
    2016;69(7):2424--2431.
  apa: Paluch, S., &#38; Wünderlich, N. (2016). Contrasting Risk Perceptions of Technology-Based
    Service Innovations in Inter-Organizational Settings. <i>Journal of Business Research</i>,
    <i>69</i>(7), 2424--2431.
  bibtex: '@article{Paluch_Wünderlich_2016, title={Contrasting Risk Perceptions of
    Technology-Based Service Innovations in Inter-Organizational Settings.}, volume={69},
    number={7}, journal={Journal of business Research}, publisher={Elsevier}, author={Paluch,
    Stefanie and Wünderlich, Nancy}, year={2016}, pages={2424--2431} }'
  chicago: 'Paluch, Stefanie, and Nancy Wünderlich. “Contrasting Risk Perceptions
    of Technology-Based Service Innovations in Inter-Organizational Settings.” <i>Journal
    of Business Research</i> 69, no. 7 (2016): 2424--2431.'
  ieee: S. Paluch and N. Wünderlich, “Contrasting Risk Perceptions of Technology-Based
    Service Innovations in Inter-Organizational Settings.,” <i>Journal of business
    Research</i>, vol. 69, no. 7, pp. 2424--2431, 2016.
  mla: Paluch, Stefanie, and Nancy Wünderlich. “Contrasting Risk Perceptions of Technology-Based
    Service Innovations in Inter-Organizational Settings.” <i>Journal of Business
    Research</i>, vol. 69, no. 7, Elsevier, 2016, pp. 2424--2431.
  short: S. Paluch, N. Wünderlich, Journal of Business Research 69 (2016) 2424--2431.
date_created: 2018-10-26T10:20:07Z
date_updated: 2022-01-06T07:01:30Z
department:
- _id: '178'
- _id: '181'
intvolume: '        69'
issue: '7'
keyword:
- Risk perception
- Technology-based service innovations
- Business-to-business context
- Interview study
- Risk categories
- Smart service
language:
- iso: eng
page: 2424--2431
publication: Journal of business Research
publication_status: published
publisher: Elsevier
status: public
title: Contrasting Risk Perceptions of Technology-Based Service Innovations in Inter-Organizational
  Settings.
type: journal_article
user_id: '37741'
volume: 69
year: '2016'
...