Non-technical summary 1 Introduction 2 Estimation strategy to model cross-border M&As 2.1 Theoretical motivation 2.2 Description of the data on mergers and acquisitions 2.3 Description of the regressors 2.4 Specifi cation and methodology 3 Cross-border M&As in manufacturing sectors 3.1 Total cross-border M&As 3.2 Cross-border M&As within and across sectors 3.3 The role of trade, corporate taxation and product market regulation 4 Cross-border M&As in services 4.1 Benchmark regressions 4.2 The

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... e of product market regulations 5 Robustness checks 5.1 Robustness checks concerning the EMU effect in manufacturing 5.2 Estimating the extensive versus the intensive margins of the EMU effects 5.3 Investigating the role of fi nancial depth 5.4 Investigating the role of geography 6 Conclusion References Appendix European Central Bank Working Paper Series CONTENTS 4 ECB Working Paper Series No