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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Credit Ratings and Payment Methods in M&A: Facts of the Financial Crisis |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 39 |
| Date | 2015 |
| Abstract Text | This thesis investigates the influence of corporate credit ratings on the choice of payment method in M&A. Based on a sample of deals with European public acquirers, the different statistical computations indicate no relation between credit ratings and the likelihood to settle a transaction with cash. It is also demonstrated that the fnancial crisis impacted the explanatory power of credit ratings. These results are attributable to managers fearing to lose their firms ratings when engaging in debt financed deals, the loss of reputation of rating agencies and the lower ratings accuracy. |
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