Umber, Marc P.; Grote, Michael H.; Frey, Rainer - In: Journal of International Money and Finance 40 (2014) C, pp. 109-127
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...
