%0 Journal Article %T Cross-border mergers and acquisitions and European integration %+ Département d'économie (Sciences Po) (ECON) %+ Centre de recherche de la Banque Centrale européenne %+ Département et Laboratoire d'Economie Théorique et Appliquée (DELTA) %A Coeurdacier, Nicolas %A de Santis, Roberto A. %A Aviat, Antonin %< avec comité de lecture %@ 0266-4658 %J Economic Policy %I Oxford University Press (OUP) %V 24 %N 57 %P 56-106 %8 2009-01 %D 2009 %Z Humanities and Social Sciences/Economics and FinanceJournal articles %X Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same sector of manufacturing activity among euro area firms; (2) joining the EU favoured both horizontal and vertical mergers; (3) policy-makers can help attract capital by reducing the corporate tax rates and the degree of product market regulations and by improving the country's financial systems; (4) the service industry has not yet fully benefited from European integration because the level of protection and barriers to entry in the services sector act as a strong deterrent to cross-border M&As in services. %G English %2 https://sciencespo.hal.science/hal-01022660/document %2 https://sciencespo.hal.science/hal-01022660/file/cross-border-mergers-and-a-nc.pdf %L hal-01022660 %U https://sciencespo.hal.science/hal-01022660 %~ SHS %~ ENS-PARIS %~ SCIENCESPO %~ CNRS %~ EHESS %~ AO-ECONOMIE %~ PSL %~ ENS-PSL %~ ECON-SCPO %~ SCPO_OA %~ SCPO-REPEC