Mergers and acquisitions & trade: A global value chain analysis Pavlova, Elena Carril Caccia, Federico Fusiones y adquisiciones Modelo de gravedad Cadenas globales de valor The present paper deals with how the insertion in international trade and global value chains (GVCs) of countries affects their capacity of attracting foreign mergers and acquisitions (M&As). To this end, we combine data for bilateral M&As and trade in value added for the period 2001–15 and estimate an augmented gravity equation. Results indicate that trade openness per se does not favour M&As. Nevertheless, bilateral free trade agreements, heterogeneity of destinations (sources) for exports (imports) of intermediate and final goods, and position and participation in global value chains are relevant for explaining bilateral M&As. Moreover, their role is significantly different depending on the level of development of the home and host countries. 2024-09-23T08:37:21Z 2024-09-23T08:37:21Z 2020 journal article Carril‐Caccia, Federico, and Elena Pavlova. "Mergers and acquisitions & trade: A global value chain analysis." The World Economy 43.3 (2020): 586-614. https://hdl.handle.net/10481/94853 https://doi.org/10.1111/twec.12882 eng embargoed access Wiley