Trade policy changes can affect how productive companies are. Previous studies assumed all companies in the same industry would react the same way, but this new study shows that each company can respond differently. The response depends on the characteristics of the company and the industry it's in. By looking at data from Colombian manufacturing companies in the 1980s, the study found that companies within the same industry can have different reactions to trade policy changes. This means that the impact of trade policy on productivity can vary not only within industries but also across different industries.