Extending Comparative Advantage Through Cross-Border Acquisitions

摘要: We investigate the role of industry specialization in cross-border acquisitions. nd that acquirers from more specialized industries are likely to buy foreign targets countries less these same industries. The magnitude this eect is large with 14.7% deals when dierence between two increases by one standard deviation. This relationship stronger cross-country and cross-industry dierences measures educational attainment intangible capital higher. Post-acquisition performance higher purchase assets These results consistent management know-how providing a comparative advantage can be extended across countries.