A multi-stage emulsion polymer containing at least one first domain having a glass transition temperature Tg of from -10 to +40.degree. C. and at least one second domain having a Tg of from +50 to 120.degree. C., the weight ratio of the first domain to the second domain being within the range from 90:10 to 50:50. The first and/or the second domain containing from 0.1 to 10% by weight of a nitrogen-coutaining adhesion monomer and the first domain containing at least 10% by weight of vinyl aromatic compounds and/or the second domain containing at least 15% by weight of vinyl aromatic compounds and/or C.sub.4 to C.sub.12 alkylmethacrylates.

 
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