Jeffrey (Jun) Chen, Ph.D. and his co-authors have a paper titled, National Culture and Governance on Bondholder Wealth: Evidence from Joint Ventures and Strategic Alliances around the World, which has been accepted by Quarterly Journal of Finance.
This paper examines bondholder wealth effects in global business collaborations with the form of cross-border joint ventures (JV) and strategic alliances (SA). Based on a sample of 1,898 event-firms from 2009 to 2015, we detect significant and positive abnormal returns for bondholders. Country level governance and national culture are found to be important drivers of bondholder wealth. We also find a positive impact of joint ventures and strategic alliances on stockholder return but little evidence for wealth transfer between stockholders and bondholders.