Purpose – Do regional equity market conditions (bear market) affect the financial performance of firms involved in cross-border mergers and acquisitions (M & A)? If so, is there a clear difference between inward and outward M & A in selected regions? The author addresses these questions using...

This paper is written with two congruent objectives. The first is to develop a framework for individual tests of significance of a fuzzy regression model by employing a simple probabilistic estimation procedure. The proposed test, based on two-phase fuzzy regression estimates, is simple and...