Exchange rates and target premia in the United States
This paper re-examines the relationship between the target takeover premia and the level of the exchange rate in pure domestic target-domestic bid der takeovers. We estimate the level and nature of exchange rate exposure for 189 U.S. targets between 1990 and 2000 and relate market model cumulative abnormal returns to the type of exposure, firm and bid characteristics. We report that targets that are negatively exposed to exchange rates and are acquired during periods of weak domestic exchange...[Show more]
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