{"id":{"repo_id":"lethbridge","oai_identifier":"oai:opus.uleth.ca:10133/3767"},"canonical_url":"https://search.dev.ndltd.org/etd/lethbridge/oai:opus.uleth.ca:10133/3767","repository":{"repo_id":"lethbridge","name":"University of Lethbridge","base_url":"https://opus.uleth.ca/server/oai/request"},"display":{"title":"Syndicated loan lenders' impact on M&A acquirers' post merger operating performance and creditworthiness : evidence in U.S. M&A deals from year 2005 to 2011","abstract":"Financial intermediaries (such as banks) are delegated to monitor borrowers (Diamond, 1984). In the merger wave, many acquirers raise funds by borrowing syndicated loans to fund their M&A deals (Huang, Lu, & Srinivasan, 2012). However, banks’ monitoring of borrowers does not enhance firm value to the extent that the acquirers’ shareholders can benefit (Huang et al., 2012). Based on unadjusted measures, we found that M&A deals financed by syndicated loans experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). M&A deals financed by relationship lenders experience better post-merger operating performance (ROA) and creditworthiness (EDF). M&A deals financed by reputable lenders experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). However, M&A deals financed by institutional lenders experience worse post-merger operating performance (ROA) and worse creditworthiness (EDF), and transactional lenders have almost no impact on the borrowers’ post-merger operating performance and creditworthiness.","abstract_html":"Financial intermediaries (such as banks) are delegated to monitor borrowers (Diamond, 1984). In the merger wave, many acquirers raise funds by borrowing syndicated loans to fund their M&A deals (Huang, Lu, & Srinivasan, 2012). However, banks’ monitoring of borrowers does not enhance firm value to the extent that the acquirers’ shareholders can benefit (Huang et al., 2012). Based on unadjusted measures, we found that M&A deals financed by syndicated loans experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). M&A deals financed by relationship lenders experience better post-merger operating performance (ROA) and creditworthiness (EDF). M&A deals financed by reputable lenders experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). However, M&A deals financed by institutional lenders experience worse post-merger operating performance (ROA) and worse creditworthiness (EDF), and transactional lenders have almost no impact on the borrowers’ post-merger operating performance and creditworthiness.","abstract_has_math":false,"creators":["Huang, Jianning","University of Lethbridge. Faculty of Management"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015","date_published":"2015","updated_at":"2026-07-27T20:02:29Z","subjects":["creditworthiness","M&A","post-merger performance","syndicated loans"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:10133/3767"],"render_values":[{"text":"hdl:10133/3767","href":null,"code":true}]}]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.issued","label":"Date","values":["2015"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["creditworthiness","M&A","post-merger performance","syndicated loans"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:10133/3767"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.other","label":"Dc Description Other","values":["Financial intermediaries (such as banks) are delegated to monitor borrowers (Diamond, 1984). In the merger wave, many acquirers raise funds by borrowing syndicated loans to fund their M&A deals (Huang, Lu, & Srinivasan, 2012). However, banks’ monitoring of borrowers does not enhance firm value to the extent that the acquirers’ shareholders can benefit (Huang et al., 2012). Based on unadjusted measures, we found that M&A deals financed by syndicated loans experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). M&A deals financed by relationship lenders experience better post-merger operating performance (ROA) and creditworthiness (EDF). M&A deals financed by reputable lenders experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). However, M&A deals financed by institutional lenders experience worse post-merger operating performance (ROA) and worse creditworthiness (EDF), and transactional lenders have almost no impact on the borrowers’ post-merger operating performance and creditworthiness."]},{"key":"dc:title","label":"Title","values":["Syndicated loan lenders' impact on M&A acquirers' post merger operating performance and creditworthiness : evidence in U.S. M&A deals from year 2005 to 2011"]}]}],"canonical_facts":{"dc:date.issued":["2015"],"dc:description.other":["Financial intermediaries (such as banks) are delegated to monitor borrowers (Diamond, 1984). In the merger wave, many acquirers raise funds by borrowing syndicated loans to fund their M&A deals (Huang, Lu, & Srinivasan, 2012). However, banks’ monitoring of borrowers does not enhance firm value to the extent that the acquirers’ shareholders can benefit (Huang et al., 2012). Based on unadjusted measures, we found that M&A deals financed by syndicated loans experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). M&A deals financed by relationship lenders experience better post-merger operating performance (ROA) and creditworthiness (EDF). M&A deals financed by reputable lenders experience better post-merger operating performance (ROA) and creditworthiness (Altman’s Z Score and EDF). However, M&A deals financed by institutional lenders experience worse post-merger operating performance (ROA) and worse creditworthiness (EDF), and transactional lenders have almost no impact on the borrowers’ post-merger operating performance and creditworthiness."],"dc:identifier":["hdl:10133/3767"],"dc:subject":["creditworthiness","M&A","post-merger performance","syndicated loans"],"dc:title":["Syndicated loan lenders' impact on M&A acquirers' post merger operating performance and creditworthiness : evidence in U.S. M&A deals from year 2005 to 2011"],"dc:type":["Thesis"]},"updated_at":"2026-07-27T20:02:29Z"}