Intra-industry and inter-country effects of European mergers

Jorg Bley*, Jeff Madura

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

8 Citations (Scopus)


We empirically test the valuation effects of European M&A announcements on rivals within the target's country (intra-industry effects) and on other European rivals (inter-country effects), for the period of 1996 to 1999. We find evidence of inter-country effects that has not previously been documented, suggesting that the ongoing integration of European economies, supported by the introduction of the euro, facilitates the transmission of private information across country boundaries in Europe. We also conduct a cross-sectional analysis to isolate potential sources of intra-industry and inter-country effects.

Original languageEnglish
Pages (from-to)373-395
Number of pages23
JournalJournal of Economics and Finance
Issue number3
Publication statusPublished - 2003
Externally publishedYes


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