However, the results from firm-level analysis may be misleading because they do not control for changes in the composition of the workforce that may be associated with cross-border takeovers. To the extent that foreign takeovers are associated with skill upgrading, this would bias the estimated foreign wage premium upwards. Using linked employer-employee data (worker-level data), it is possible to control for changes in the composition of the workforce due to cross-border M&A by focusing on the wage effects for individual workers who stay in the same firm. Those data also allow one to look at the role of ownership for workers who change jobs between domestic and foreign firms. This is interesting because it allows one to analyse differences in pay conditions between foreign and domestic firms for new workers. As productivity differences may have more important implications for workers at the moment of hiring than for stayers (Beaudry and DiNardo, 1991), one may expect the role of ownership to be more important for this category of workers.13