Carril Caccia, FedericoGarmendia-Lazcano, AitorMinondo, Asier2024-11-142024-11-142022-03Carril-Caccia, F., Garmendia-Lazcano, A., & Minondo, A. (2022). The border effect on mergers and acquisitions. Empirical Economics, 62(3), 1267-1292. https://doi.org/10.1007/S00181-021-02050-20377-733210.1007/S00181-021-02050-2http://hdl.handle.net/20.500.14454/1874Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities.eng© The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2021Border effectEuropean UnionForeign direct investmentMergers and acquisitionsjournal article2024-11-141435-8921