Picking “Lemons” or Picking “Cherries”? Domestic and Foreign Acquisitions in Norwegian Manufacturing*
比较挪威制造业中被国内和国外所有者收购的工厂在就业、工资和生产率方面的表现，发现国外所有者倾向于选择大型、高工资、高生产率的工厂，而国内所有者则选择规模略大的普通工厂。
We compare the performance in employment, wages and productivity for domestic plants acquired by new domestic and foreign owners. Prospective foreign owners pick large, high-wage, high-productivity plants, while new domestic owners choose average performers of above-average size. Employment, labour productivity, and total factor productivity decline in domestic acquisition targets before acquisitions; only wages recover afterwards. Employment, wages and labour productivity increase after foreign acquisitions. The sample selection introduced by long-term comparisons and a focus on unique events introduces a downward bias into the results for domestic acquisitions and an upward bias for the foreign acquisitions.