This paper investigates the determinants of European cross-border M&As using a large database. Specifically, we … which can be changed through a merger or acquisition and those which cannot be altered and are more related to the …

horizontal merger activity. We propose a theoretically-backed methodological approach to classify mergers that yields more … information on merger types and merger effects, and that can, moreover, distinguish between mergers characterized largely by … collusion-based synergies and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement …

) as advisors in mergers. However, this choice weakens any certification effect and creates a potential conflict of …