Extending Industry Specialization through Cross-Border Acquisitions
研究了行业专业化在横向跨境并购中的作用，发现来自更专业化行业的收购方更倾向于收购在相同行业专业化程度较低国家的目标公司，且这种效应在合同效率低和出口成本高时更明显，经济收益也更大。
We investigate the role of industry specialization in horizontal cross-border mergers and acquisitions. We find that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. The role of industry specialization in foreign acquisitions is more prevalent when contracting inefficiencies and exporting costs limit arm’s-length relationships. The economic gains in cross-border deals are larger when specialized acquirers purchase assets in less specialized industries. These results are consistent with an internalization motive for foreign acquisitions, through which acquirers can apply localized intangibles on foreign assets.