Short and medium-term effects of foreign acquisitions on manufacturing firms: Evidence from Germany
利用德国25年行政微观数据，研究发现外资收购显著提高了被收购企业的劳动生产率和平均工资，但导致就业减少。
This paper, for the first time, investigates the impact of foreign acquisitions on German manufacturing firms using, newly available unique administrative micro data spanning 25 years. Based on an event study design combined with propensity score matching techniques, we find that foreign acquisitions significantly increase labor productivity and average wages in acquired firms. A reduction in employment drives both effects.