Intra-industry and inter-country effects of European mergers

Jorg Bley and Jeff Madura ()

Journal of Economics and Finance, 2003, vol. 27, issue 3, 373-395

Abstract: We empirically test the valuation effects of European M&A announcements on rivals within the target's country (intra-industry effects) and on other European rivals (inter-country effects), for the period of 1996 to 1999. We find evidence of inter-country effects that has not previously been documented, suggesting that the ongoin integration of European economies, supported by the introduction of the euro, facilitates the transmission of private information across country boundaries in Europe. We also conduct a cross-sectional analysis to isolate potential sources of intra-industry and inter-country effects. *** DIRECT SUPPORT *** A00DH017 00007 Copyright Springer 2003

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:spr:jecfin:v:27:y:2003:i:3:p:373-395

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DOI: 10.1007/BF02761572

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