MERGERS, ACQUISITIONS, AND EXTERNAL GROWTH
MERGERS, ACQUISITIONS, AND EXTERNAL GROWTH

Summary/Abstract: The theory that we shall seek to elaborate here puts considerable emphasis on differences in firm-level stock returns, and valuation differences between acquiring and target firms. This study is grounded in the considerable body of scholarship examining the impact of exchange rate return differences on merger volume, and the predictable component of acquirers’ market-to-book.

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