Cross‐border mergers and acquisitions: does the exchange rate matter? Some evidence for Canada
利用加拿大与美国双边行业层面数据，研究发现本币实际贬值会增加外国并购概率，但仅在高研发行业成立，支持资产获取假说。
Abstract. Theoretical and empirical studies investigating the relationship between the exchange rate and FDI have generated mixed results. Using bilateral Canadian‐U.S. industry level count data on cross‐border mergers and acquisitions (M&As) and conditioning on industry tariff rates, value added share of industries, industry M&A trend activity, and the number of establishments, we find evidence that a real dollar depreciation of the home currency leads to an increase in the probability of foreign M&As but only in high R&D industries. These empirical results are consistent with Blonigen's asset acquisition hypothesis. Results on European M&As of Canadian firms also lean towards this result.