We investigate the impact of M&A announcements by Australian companies on the market value of their rivals. We find that only the immediate competitor is affected, recording significant negative abnormal returns. This adjustment takes three to four weeks around the announcement day with some...

This paper presents a new assessment of the exposure of European firms to exchange rate fluctuations which takes into account the potential common drivers of exchange rates and equity market conditions. Using monthly data for European firms from 1999 to 2011 we assess the impact of unexpected...

This paper presents a new assessment of the exposure of European firms to exchange rate fluctuations which takes into account the potential common drivers of exchange rates and equity market conditions. Using monthly data for European firms from 1999 to 2011, we assess the impact of unexpected...

We investigate the exposure of European firms to unexpected exchange rate changes of the Euro against currencies of Europe’s main trade partners: the USA, UK, and Japan. Using monthly data for the period from 1999 to 2011 and accounting for underlying macroeconomic fundamentals, the analysis...