Firm Acquisitions and Technology Strategy : Corporate versus Private Equity Investors

Over the last few years, worldwide mergers and acquisitions (M&A) have increasedsharply both in terms of value and volume. This development has not only beendriven by corporate acquirers but also to an increasing extent by private equityinvestors. In this paper, we analyze differences in acquisition motives for corporateand private equity investors...

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Authors:	Grimpe, Christoph ; Hussinger, Kathrin
Institutions:	Zentrum für Europäische Wirtschaftsforschung <Mannheim>
Subject:	Beteiligungskapital \| corporate and private equity investors \| Patent \| Technologie \| smart technology

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1 Introduction
2 A closer look at corporate and private equity investors
2.1 The characteristics of corporate investors
2.2 The characteristics of private equity investors
3 The pricing of technological assets in M&A transactions
3.1 Technological content and the value of technology
3.2 Competitor blocking as strategic value of patents
4 Methods
4.1 Empirical Model
4.2 Data sources and measures
5 Results
5.1 Descriptive statistics
5.2 Multivariate analysis
6 Discussion
7 Conclusion and future research

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