The impact of exchange rate movements on mergers and acquisitions FDI

被引：2
|
作者：
Shetty, Anand [1 ]
Manley, John [1 ]
Kyaw, Nyonyo [1 ]
机构：
[1] Iona Coll, LaPenta Sch Business, Dept Finance Business Econ & Legal Studies, New York, NY 10801 USA
来源：
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2019年 / 52-53卷
关键词：
FDI; Cross-border mergers and acquisitions; Exchange rate movements; Bidder gains; FOREIGN DIRECT-INVESTMENT; CROSS-BORDER MERGERS; UNITED-STATES; MARKET; WEALTH; FIRMS; DETERMINANTS;
D O I：
10.1016/j.mulfin.2019.100594
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the effect of exchange rate movements on return outcomes associated with mergers and acquisitions FDI. We examine this relationship for cross-border mergers and acquisitions undertaken in 2001-2010 by 591 U.S. firms using both real and nominal bilateral exchange rates. The analysis of abnormal returns reveals no consistent relationship between the real exchange rate movements and bidder returns. However, we do find a statistically significant positive impact of exchange rate volatility on bidder returns. In addition, we find support for a significant relationship between bidder's overseas experience with bidder returns and deal size with bidder returns. (C) 2019 Elsevier B.V. All rights reserved.
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页数：14
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