?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F22664%2F&rft.title=Extending+Industry+Specialization+through+Cross-Border+Acquisitions&rft.creator=Fr%C3%A9sard%2C+Laurent&rft.creator=Hege%2C+Ulrich&rft.creator=Phillips%2C+Gordon&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=We+investigate+the+role+of+industry+specialization+in+horizontal+cross-border+merg-+ers+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+spe-+cialized+acquirers+purchase+assets+in+less+specialized+industries.+These+results+are+consistent+with+an+internalization+motive+for+foreign+acquisitions%2C+through+which+acquirers+can+apply+localized+intangibles+on+foreign+assets.&rft.publisher=TSE+Working+Paper&rft.date=2016-12&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=fr&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F22664%2F1%2FFresard_22664.pdf&rft.identifier=++Fr%C3%A9sard%2C+Laurent%2C+Hege%2C+Ulrich+%3Chttps%3A%2F%2Fwww.idref.fr%2F034425772%3E+and+Phillips%2C+Gordon++(2016)+Extending+Industry+Specialization+through+Cross-Border+Acquisitions.++TSE+Working+Paper%2C+n.+16-745%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F31294&rft.language=en