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Do Merger Laws Deter Cross‐Border Mergers and Acquisitions?

Jing Yan

Australian Economic Papers, 2018, vol. 57, issue 3, 376-393

Abstract: Cross‐border merger and acquisition (M&A) flows have surged since the early 1990s. In the meanwhile, more and more countries have passed merger laws that regulate M&A. We propose a gravity model to examine the influence of merger law on cross‐border M&As. Based on a data set on cross‐border deals from 1985 to 2015, we find that merger regulation has a deterrence effect on cross‐border M&As. We show the robustness of our results in a number of tests, including using different measurements of cross‐border M&A activity and merger law. We also document a heterogeneous effect on member countries of the Organization for Economic Co‐operation and Development.

Date: 2018
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Handle: RePEc:bla:ausecp:v:57:y:2018:i:3:p:376-393