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

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  • Pierre-Guillaume Méon
  • Anne-France Delannay

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.

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File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/8432/1/pgm-0040.pdf
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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series DULBEA Working Papers with number 06-12.RS.

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Length: 25 p.
Date of creation: Jul 2006
Date of revision:
Publication status: Published by: DULBEA - Université libre de Bruxelles, Bruxelles
Handle: RePEc:dul:wpaper:06-12rs

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Keywords: Mergers and acquisitions; multinational firms; gravity models; European integration; EMU;

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  12. Loungani, Prakash & Mody, Ashoka & Razin, Assaf, 2002. "The Global Disconnect: The Role of Transactional Distance and Scale Economies in Gravity Equations," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(5), pages 526-43, December.
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