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Journal of Economic Integration 2006 September;21(3) :427-446.
The Impact of European Integration on the Nineties’ Wave of Mergers and Acquisitions

Anne-France Delannay Pierre-Guillaume Méon 

Université Robert Schuman
University of Brussels
Copyright ©2006 Journal of Economic Integration

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 those countries’ bilateral M&A flows. We observe no such effect for the EMU however.

JEL Classifications: F15, F23, G34

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