{"date_created":"2022-01-13T11:15:12Z","department":[{"_id":"186"},{"_id":"19"}],"title":"CDS investors’ risk perceptions of M&A announcements","citation":{"chicago":"Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>, 2021.","mla":"Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>. 2021.","bibtex":"@book{Hippert_Uhde_2021, title={CDS investors’ risk perceptions of M&#38;A announcements}, author={Hippert, Benjamin and Uhde, André}, year={2021} }","ieee":"B. Hippert and A. Uhde, <i>CDS investors’ risk perceptions of M&#38;A announcements</i>. 2021.","apa":"Hippert, B., &#38; Uhde, A. (2021). <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, 2021.","ama":"Hippert B, Uhde A. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.; 2021."},"user_id":"21810","author":[{"full_name":"Hippert, Benjamin","last_name":"Hippert","first_name":"Benjamin"},{"orcid":"https://orcid.org/0000-0002-8058-8857","full_name":"Uhde, André","id":"36049","first_name":"André","last_name":"Uhde"}],"language":[{"iso":"eng"}],"date_updated":"2024-04-17T13:35:29Z","abstract":[{"text":"We merge a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across North America and Europe with data from 5-year single-name credit default swaps (CDSs) that are written on stock-listed acquiring firms between 2005 and 2018. Subsequently, we empirically analyze the CDS investors’ risk perception of M&A announcements using event study methodologies. As a baseline finding, we provide evidence for significantly positive cumulative average abnormal CDS spread changes 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 as well as regional and sectoral differences. Moreover, results from a large variety of sensitivity analyses including deal and firm characteristics provide a deeper insight into the driving factors of CDS investors’ risk perceptions of M&A announcements.","lang":"eng"}],"status":"public","year":"2021","_id":"29315","type":"working_paper"}