By combining two large data sets (on international trade flows and cross-border mergers and acquisitions - M&As), we … interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …

quantify the domestic and cross-border effects of mergers, and to draw conclusions for the coordination of national merger … industries a merger approval policy based on domestic consumer surplus is too restrictive from the viewpoint of the neighboring … country. We also show that adopting a supra-national policy that approves a merger if and only if it increases the sum of …