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...

Due to the proximity of Canada to the United States, the cultural and business similarities, and the long and generally favorable business relations between the countries, many American companies seriously consider acquiring financially attractive Canadian companies. However, recently these...

Mergers & Acquisition is an important strategy for higher market share, rapid market penetration and economies of scale. Trans-border M&A is an important part of the annual FDI (Foreign Direct Investment) flow. In recent years, Canada has witnessed an impressive number of mergers and...

This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are...