TY  - BOOK
AU  - Frésard,Laurent
AU  - Hege,Ulrich
AU  - Phillips,Gordon
ED  - National Bureau of Economic Research.
TI  - Extending Industry Specialization through Cross-Border Acquisitions
T2  - NBER working paper series
PY  - 2016///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - November 2016; Hardcopy version available to institutional subscribers
N2  - 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 arms' 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
UR  - https://www.nber.org/papers/w22848
UR  - http://dx.doi.org/10.3386/w22848
ER  -