Same as it Ever Was? Europe's National Borders and the Market for Corporate Control

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
M. Umber, Michael H. Grote, Rainer Frey
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引用次数: 16

Abstract

National borders continue to be strong barriers for mergers and acquisitions in Europe. Using regional data, we construct a gravity model and find that the restraining impact of national borders decreased by more than 17 percent between 1991 and 2007. However, no significant change has occurred since the mid-1990s (i.e., four years before the introduction of the euro). In comparison, we run a corresponding analysis in the United States using the 10 federal regions as country equivalents. The resulting ‘quasi-border’ effect in the United States is weaker than that in the European Union. Yet its decline by 43 percent is much stronger in the same period. We conclude that European integration policy has had little effect on fostering M&A cross-border transactions.
和以前一样吗?欧洲的国界与企业控制市场
国界仍然是欧洲并购的强大障碍。利用区域数据,我们构建了一个引力模型,发现在1991年至2007年间,国界的抑制作用下降了17%以上。然而,自20世纪90年代中期(即欧元引入前四年)以来,没有发生重大变化。相比之下,我们在美国进行了相应的分析,使用10个联邦地区作为国家等价物。由此产生的“准边界”效应在美国比在欧盟弱。但同期下降43%的幅度要大得多。我们得出结论,欧洲一体化政策对促进跨国并购交易的影响很小。
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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
期刊介绍: The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.
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