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Collateral shocks and M&A decisions
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DOI：10.1016/j.jcorpfin.2023.102433.png)
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We find that positive collateral shocks caused by increases in local real estate prices increase firms' propensities to undertake mergers and acquisitions (M & As). This effect is more pronounced for financially constrained and bank-dependent firms. After collateral value appreciation, acquirers issue more bank debt, secured debt, and lines of credit to finance acquisitions and show a preference for cash offer over equity offer to finance M & As. M & As driven by positive collateral shocks create value for acquiring shareholders in the long-run by avoiding overpayments, and generating synergies. Overall, our findings highlight the importance of the collateral channel in affecting the propensity and performance of M & A deals.
Keyword:
Collateral
Collateral shocks
Real estate
Borrowing capacity
Mergers and acquisitions
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