• 1 Introduction
  • 2 Cross-border mergers and acquisitions: some facts
  • 3 A model of mergers and acquisitions: GOLE
  • 4 Confronting the cross-border M&A data with trade data
  • 4.a M&A characteristics
  • 4.b Concordance
  • 4.c Balassa index characteristics
  • 4.d Waves
  • 5 Empirical results
  • 6 Conclusions