Determinants of European cross-border mergers and acquisitions
AbstractThis paper investigates the determinants of European cross-border M&As using a large database. Specifically, we identify some of the different factors which contribute to the efficiency of the firms and divide these into two groups: those which can be changed through a merger or acquisition and those which cannot be altered and are more related to the environment where the acquired firm is established. Using a gravity model we find evidence for both of what have become to be known as the governance and outcome hypotheses. Additionally, we do not find any supporting evidence for more intense M&A activity between euro-zone countries.
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Bibliographic InfoPaper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 212.
Length: 38 pages
Date of creation: Sep 2004
Date of revision:
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mergers and acquisitions; mergers; acquisitions; cross-border; M&A; Manchin;
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- Alexander Hijzen & Holger G�rg & Miriam Manchin, 2006.
"Cross-border mergers and acquisitions and the role of trade costs,"
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- Umber, Marc P. & Grote, Michael H. & Frey, Rainer, 2014. "Same as it ever was? Europe's national borders and the market for corporate control," Journal of International Money and Finance, Elsevier, vol. 40(C), pages 109-127.
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