European Union bank regulators are encouraging local banks to strike cross border merger and acquisition M A deals to promote efficiency and diversification.. Cross border M A would be more attractive if genuine cross border banking were possible within Europe. But cross border banking still faces regulatory barriers. There has, of course, been a push for a unified banking market, with prudential harmonisation and a single rulebook. And the Capital Markets . The European Central Bank takes direct authority over the currency area s top banks on Nov. after publishing the results of its review of their balance sheets on Oct. . But prospects for subsequent cross border mergers have faded since Europe has yet to address national regulators power to stop .Macroprudential measures in host countries however, are a pull factor for cross border interbank lending, hinting at regulatory arbitrage opportunities via branches abroad. We also find evidence that bank levies and lower institutional quality in source countries act as a push factor for cross border lending to the non bank .
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The empirical evidence on the impact of differences in corporate governance quality on the returns earned in cross border acquisitions are summarised in Table ..
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