their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of … the "inverted-U" relationship between innovation and competition to a merger setting. …

effects of M&As on firms' post-merger R&D investments and drug development capabilities across drug development phases. This … study builds on a novel database that enables us to evaluate the post-merger effect at the research project level and across … examine the direct and indirect merger effects on R&D capabilities across development phases. We find that M&As have a strong …

this analysis, we use patent citations as a proxy for the innovation effort by the acquirer. Our main result is to show … that acquisition increases the innovation effort of the acquirer but only temporarily. After 1.5 year, there is no longer a … significant impact of the acquisition on the acquirer’s innovation effort. This decline is relatively larger when the acquired …

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Using data from the US automobile market, we empirically examine the link between competition and innovation …. Consistent with a large literature, we use patent counts as a measure of innovation. The combination of the US market's economic … interesting market to examine the link between competition and innovation. We use firm-level time-series data over a long horizon …

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …

We study the effect of analyst coverage on firms' innovation strategy and outcome. By considering three different … negative effect becomes not significant when firms' in-house R&D spending and external innovation channels are taken into … account. We find that more financial analysts encourage firms to make more efficient investments related to innovation, which …