Extending Industry Specialization through Cross-Border Acquisitions

We thank David Denis (the editor), two anonymous referees, Kenneth Ahern, Miguel Ferreira, Cesare Fracassi, Murray Frank, Rose Liao, Pedro Matos, Tomasz Michalski, Holger Mueller, and seminar participants at MIT, Monash University, the University of Toronto, the University of Maryland, the University of Pittsburgh, the University of Warwick, the 2016 American Finance Association Meetings, the 2015 FIRS conference, the 2015 LBS Corporate Finance Symposium, the 2015 Ohio State Corporate Finance Conference, the 2014 Washington University Conference on Corporate Finance, and the HEC Paris-Princeton Finance Workshop for helpful comments. A previous version of the paper has circulated under the title "Extending Comparative Advantage through Cross-Border Acquisitions". The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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