Symmetric and asymmetric effects of proximities. The case of M&A deals in Italy
研究了地理、产业、组织和制度邻近性对意大利企业间并购概率的影响，发现所有邻近性均有正向作用，且存在非对称效应。
This article investigates the effect of geographical, industrial, organizational and institutional proximity on the probability that any two firms located in Italy engage in a mergers and acquisitions (M&A) deal. Within a logistic rare event framework, we investigate 4261 actual deals completed over the period 2000-2011 and around 3.8 million potential deals. We find robust evidence that all forms of proximity have a positive effect, especially industrial relatedness. Moreover, we find evidence that proximities generate asymmetric effects on M&A deals, depending on the location of bidders and targets and on whether some specific individual characteristics are featured by the acquirer or by the target firm.