The impact of European integration on the nineties’ wave of mergers and acquisitions

Pierre-Guillaume Méon and Delannay, Anne-France ()
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Delannay, Anne-France: Université Robert Schuman, France

No 06-12.RS, Working Papers DULBEA from Université libre de Bruxelles, Department of Applied Economics (DULBEA)

Abstract: The present paper applies a gravity model with fixed country effects to M&A flows on a sample of 1215 pairs of countries over the 1998-2001 period, to test the impact of European integration. That model, which had to our knowledge not been applied to M&A flows so far, allows us to observe that the participation of two countries in the process of European integration is associated with a smaller negative impact of distance on the number and the value of those countries’ bilateral M&A flows. We observe no such effect for the EMU however.

Keywords: Mergers and acquisitions; multinational firms; gravity models; European integration; EMU (search for similar items in EconPapers)
JEL-codes: F15 F23 G34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com, nep-fin and nep-int
Date: 2006-07
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