We examine the long run performance of Mamp;A transactions in the property-liability insurance industry. We specifically investigate whether such transactions create value for the bidders' shareholders and assess how corporate governance mechanisms affect such performance. Our results show that...

This paper provides a critical review of three common problems facing researchers when implementing tests of corporate hedging theories: (1) how to identify hedgers in the population considered? (2) how to measure corporate hedging and finally, (3) what possible determinants should be considered...