Dessyllas, Panayotis; Hughes, Alan - EconWPA - 2005
knowledge generated by past R&D efforts. The following conclusions can be drawn with respect to the characteristics of acquirers … propensity to acquire new knowledge-related assets through acquisitions is driven by declining returns from the exploitation of a … firm’s existing knowledge base. Second, we find evidence in favour of the make-or-buy theory that acquisitions are a …