Both M&A and innovation are instruments for growth and competitive advantage.Therefore they are fundamental to each firm’s competitive strategy. Usually, both instrumentshave been studied separately, but much less in conjunction. This is unfortunate as bothprocesses - the process of innovation...

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...

This paper investigates whether the size of multinationals’ real investments ina high-tax country is affected by profit shifting activities. A simple theoretical analysisshows that tax rates abroad impact the cost of capital in the presence of profit shiftingactivities of multinational...

Hybridkapital ist eine innovative Form der Unternehmensfinanzierung. Hybride Finanzinstrumenteweisen Eigenschaften von sowohl Fremd- als auch Eigenkapital auf und stellendeswegen ein sehr flexibles Finanzprodukt dar. Aus diesem Grund haben sich in den letztenJahren hybride Kapitalinstrumente auf...

Determining the research and development (R&D) boundaries of the firm as the choicebetween internal, collaborative and external technology acquisition has since long been amajor challenge for firms to secure a continuous stream of innovative products or processes.While research on R&D...

We analyze financial constraints for R&D, where we account for heterogeneityamong investments which has been neglected in previous literature. According toeconomic theory, investments should be distinguished by their degree ofuncertainty, e.g. routine R&D versus cutting-edge R&D. Financial...