Global integration along historic pathways: Vienna and Munich in the changing financial geography of Europe

Vienna and Munich, while historically significant financial hubs, now play distinct roles in Europe's evolving financial landscape. This study reveals that their current positions are shaped by both long-term historical developments and recent industry restructuring, including corporate takeovers, mergers, and the rise of private equity firms. Through a network analysis of 493 merger and acquisition transactions between 1997 and 2009, as well as an examination of the location networks of top private equity firms and banks, researchers demonstrate how financial diversification and specialization have redefined these cities' roles in Europe's financial geography.

Zademach, H.-M., & Musil, R. (2012). Global integration along historic pathways: Vienna and Munich in the changing financial geography of Europe. European Urban and Regional Studies, 21(4), 463–483. https://doi.org/10.1177/0969776412457172