English, Article edition: TAKEOVER EXPOSURE, AGENCY, AND THE CHOICE BETWEEN PRIVATE AND PUBLIC DEBT Matteo P. Arena; John S. Howe

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Physical Description
  • article
Language
  • English

Edition details

Title
  • TAKEOVER EXPOSURE, AGENCY, AND THE CHOICE BETWEEN PRIVATE AND PUBLIC DEBT
Author
  • Matteo P. Arena
  • John S. Howe
Physical Description
  • article
Notes
  • <heading id=​"h1" level=​"1" implicit=​"yes" format=​"display">Abstract</​heading>We examine how governance characteristics are related to the corporate choice between public and private debt. We find that firms with fewer takeover defenses and larger outside blockholder ownership are more likely to borrow from banks and to issue 144A debt. We also document that public debt cost is more sensitive to takeover exposure than bank debt cost. These results are consistent with the hypothesis that banks mitigate the expected negative effect of takeovers on debt value through covenants and debt renegotiations. Moreover, we show that firms with weaker internal monitoring are less likely to borrow from banks. Copyright (c) 2009 The Southern Finance Association and the Southwestern Finance Association.
  • RePEc:bla:jfnres:v:32:y:2009:i:2:p:199-230
Language
  • English
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