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Author:Williamson, Rohan 

Working Paper
Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions

The paper examines whether financially constrained firms are able to use acquisitions to ease their constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use undervalued equity to fund acquisitions and to target unconstrained and more liquid firms. Using a propensity score matched sample in a difference-in-difference framework, the results show that constrained acquirers become less constrained post-acquisition and relative to matched non-acquiring firms. ...
Finance and Economics Discussion Series , Paper 2018-053

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