Deviation from the Target Capital Structure and Acquisition Choices

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Failure and success in mergers and acquisitions (2019, unknown): “…that debt may act as a bonding mechanism which curbs management’s free cash flow discretion, but do not investigate long-run deal performance.26 Uysal (2011) also investigates debt-financed deals and unsurprisingly concludes that overleveraged (relative to the firm’s target leverage ratio)…”
Bond market access and investment (2014, background): “Industry M&A Liquidity and Herfindahl Index have a positive and a negative effect, respectively, on the probability of making an acquisition (Uysal, 2011).”
Financing Major Investments: Information About Capital Structure Decisions (2014, background): “In addition to providing identification of the Heckman system, these coefficients reinforce Uysal’s (2011) conclusion about the effect of leverage on Acquisitions.”