Econ Papers Daily / 期刊论文
多德-弗兰克法案对收购活动的影响
The Impact of the Dodd-Frank Act on Acquisition Activity
摘要
The Dodd-Frank Act in 2010 increased ex ante downgrade threats without changing credit-rated firms’ underlying credit quality. We show that the act had negative impacts on credit-rated firms’ acquisition activities, especially among speculative-grade firms as they face greater downgrade-induced costs. The more selective acquisition strategies led to higher announcement returns and greater postacquisition upgrade probabilities. Consistent with firms refraining from taking on overall acquisition risk rather than financial risk, we show significant reductions in both cash-and stock-settled dealmaking after the Dodd-Frank Act. In sum, our study highlights that increased legal stringency on credit rating agencies has important spillover effects on firms’ mergers and acquisitions activities.
中文摘要
2010年的《多德-弗兰克法案》在不改变信用评级公司基础信用质量的情况下，增加了事前降级威胁。我们证明该法案对信用评级公司的收购活动产生了负面影响，尤其是在投机级公司中，因为它们面临更大的降级引发的成本。更为审慎的收购策略导致了更高的公告回报和更大的收购后升级概率。与公司避免承担整体收购风险而非财务风险的行为一致，我们发现在《多德-弗兰克法案》之后，现金结算和股票结算的交易活动均显著减少。总之，我们的研究强调，对信用评级机构加强法律约束对企业的并购活动具有重要的溢出效应。