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Commitment or constraint? The effect of loan covenants on merger and acquisition activity
(31.01.2022)
Finance Research Letters Part B ; June 2022
Finance Research Letters Part B ; June 2022
We investigate how loan covenants associated with potential target firms affect takeover deals. We propose two possible channels. Under a discipline channel, the target firm becomes an attractive candidate for takeovers ...
Investment dynamics and forecast: Mind the frequency
(28.06.2022)
Finance Research Letters October ; 2022
Finance Research Letters October ; 2022
We analyze the in-sample fit and the out-of-sample forecast performance of the investment equation using different proxies for Tobin’s Q, controlling for cash flow, and using their frequency-decomposed components. We show ...