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...

This study investigates why newly listed firms become M&A targets shortly after their initial public offering (IPOs) from the perspective of product innovation. We find strong empirical evidence that IPOs with less established trademarks increase the likelihood of becoming IPO targets. We also...

We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...