The border effect on mergers and acquisitions Carril Caccia, Federico Garmendia Lazcano, Aitor Minondo, Asier M&A Gravity border effect Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995-2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms is five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities. 2024-09-25T07:43:51Z 2024-09-25T07:43:51Z 2022 journal article Carril-Caccia, Federico, Aitor Garmendia-Lazcano, and Asier Minondo. "The border effect on mergers and acquisitions." Empirical Economics 62.3 (2022): 1267-1292. https://hdl.handle.net/10481/95034 https://doi.org/10.1007/s00181-021-02050-2 eng 62;3 embargoed access Springer