【本期主题】 Banker Lenders as Matchmakers? When Acquirers and Targets Share a Common Lender

We investigate the effect of same creditors shared by the acquirer and the target in M&A transactions on acquisition returns. We find that the common lead creditor connected transactions have higher synergy and higher announcement returns for the acquirer firms while experience lower acquisition premium. We find that there is no significant larger operating performance improvement after the acquisition for common creditor connected transactions while the cost of loan has a significant larger decrease after the acquisition for common lead creditor connected transactions. In addition, we find that there are lower fees for investment banks in the common creditor connected transactions. Our results suggest lending relationships with creditors for the acquirer and the target affect acquisition outcomes.

【报告人】张翼   北京大学光华管理学院金融学副教授

【时   间】11月13日 上午10:00

【地   点】明德主楼0515B

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报告人简介：

张翼，北京大学光华管理学院金融学副教授，2002年获得密西根州立大学金融学博士学位。他在公司财务、公司治理领域具有丰富的学术研究经验。他曾在Journal of Corporate Finance, Journal of Banking and Finance等国际期刊发表多篇学术论文

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