@techreport{36060,
  abstract     = {{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       = {{Hippert, Benjamin and Uhde, André}},
  keywords     = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
  title        = {{{CDS Investors’ Risk Perceptions of M&A Announcements}}},
  year         = {{2021}},
}

@techreport{13146,
  abstract     = {{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       = {{Hippert, Benjamin}},
  keywords     = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
  title        = {{{The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes}}},
  year         = {{2019}},
}

@techreport{15392,
  abstract     = {{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 nd that spreads from CDS which are written on acquirers increase
by 310 bps during a symmetric ve-day event window suggesting that investors
expect an increase in the acquirers credit risk exposure due to M&As. Next to
this baseline nding, 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       = {{Uhde, André and Hippert, Benjamin}},
  keywords     = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
  title        = {{{The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS-Spread changes}}},
  year         = {{2019}},
}