This study examines how the mergers and acquisitions (M&A) environment affects gains to merging firms and their industry rivals. Using a large sample of Canadian acquisitions announcements from 1994 to 2009, we find that during M&A, the shareholders of Canadian merging firms experience indeed...

The paper examines cross-border takeovers through the lens of currency risk management. Using a sample of 152 large cross-border deals undertaken by listed French firms, the study document that, acquirers are firms with higher exposure to target currency prior to the takeover announcement. The...