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Stapled Financing, Value Certification, and Lending Efficiency
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DOI：10.1017/S0022109017000047.png)
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摘要
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We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a data set of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significant positive effects on sellers' shareholder wealth, especially for targets suffering from greater adverse selection. Stapled financing facilitates deal financing by allowing buyers to obtain lower-cost and longer-maturity debt, and it is positively associated with bidding intensity. Investment banks offering stapled financing appear to trade off higher expected advisory fees against loss of lending efficiency ex post.
Keyword:
ASYMMETRIC INFORMATION
INVESTMENT BANKING
OF-INTEREST
MARKET
LIQUIDITY
ACQUIRERS
EARNINGS
COSTS
PRICE
FIRM
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