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Does Ownership Matter? The Impact of Foreign Takeovers on Innovation and Productivity Performance
The authors inspect foreign direct investments and if foreign take-overs affect growth and welfare. They find that foreign take-over of firms is neutral with respect to labor productivity, and hence the issue of welfare gain and welfare drain is turned into a non-issue.
Link
http://www.infra.kth.se/cesis/documents/WP69.pdf