BENA, JAN; LI, KAI - In: Journal of Finance 69 (2014) 5, pp. 1923-1960
type="main" <title type="main">ABSTRACT</title> <p>Using a large and unique patent-merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological...</p>
