We examine whether bond-blockholders provide additional, distinct monitoring roles in merger and acquisition (M&A) processes beyond those of equity-blockholders. Using a sample of 4309 M&A deals reported between 2001 and 2010, we shed new light on the monitoring spillover effects of bondholders to shareholders in the context of M&As.

中文翻译：

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债券大股东和企业收购

我们研究了债券大股东是否在并购 (M&A) 过程中提供了除股权大股东之外的额外、独特的监督角色。我们以 2001 年至 2010 年间报告的 4309 笔并购交易为样本，为监控并购背景下债券持有人对股东的溢出效应提供了新思路。