caa a22 4500 386308845 CHVBK 20180307111538.0 cr unu---uuuuu 161130e198806 xx s 000 0 eng 10.2307/2330881 doi S0022109000013041 pii (NATIONALLICENCE)cambridge-10.2307/2330881 Bruner Robert F. The Use of Excess Cash and Debt Capacity as a Motive for Merger [Elektronische Daten] [Robert F. Bruner] This study explores the hypothesis that capital structure change provides bidders and targets a motive for merger. After a brief review of theories that would support the hypothesis, the paper reports results of tests on (1) leverage in bidder and target firms, and (2) change in shareholder wealth associated with change in leverage. The findings support the theory of Myers and Majluf that "slack-rich” bidders pair with "slack-poor” targets to create value. These results are contrary to other studies, which find highly levered bidders. Copyright © School of Business Administration, University of Washington 1988 Journal of Financial and Quantitative Analysis Cambridge University Press 23/2(1988-06), 199-217 0022-1090 23:2<199 1988 23 JFQ https://doi.org/10.2307/2330881 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2330881 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Bruner Robert F. NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/2(1988-06), 199-217 0022-1090 23:2<199 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge