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Creative destruction and productive preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2013

We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...

Persistent link: https://www.econbiz.de/10009691699

Creative destruction and productive preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2009

We develop a theory of commercialization mode (entry or sale) of entrepreneurial inventions into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Moreover, preemptive...

Persistent link: https://www.econbiz.de/10003843246

Entrepreneurial innovations and taxation

Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - 2012

growth. In this paper we study the effects of tax and subsidy policies on entrepreneurs' choice of riskiness of an innovation … tax system induce entrepreneurs to choose projects with too little risk and this problem arises primarily when … entrepreneurs market their product themselves. When innovations reduce only the fixed costs of production this leads to a …

Persistent link: https://www.econbiz.de/10009530995

Entrepreneurial innovations and taxation

Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - 2011

-return characteristics of the selected innovation project and the mode of commercialization chosen by entrepreneurs (market entry versus sale … entrepreneurs but, at the same time, give an incentive to choose low risk projects, due to the existence of limited loss offset …

Persistent link: https://www.econbiz.de/10009124617

Entrepreneurial innovations and taxation

Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - 2011

Persistent link: https://www.econbiz.de/10009130215

Buying to sell : a theory of buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010

Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...

Persistent link: https://www.econbiz.de/10003914407

Private equity's unintended dark side : on the economic consequences of excessive delistings

Ljungqvist, Alexander; Persson, Lars; Tåg, Joacim - 2016

Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

Persistent link: https://www.econbiz.de/10011436675

Ownership efficiency and tax advantages : the case of private equity buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010

Commentators on the private equity industry often claim that favorable tax treatment gives private equity firms advantages in the market for corporate control. But we show that tax advantages do not affect the equilibrium ownership of corporate assets when acquisition costs are fully deductible...

Persistent link: https://www.econbiz.de/10003973520

International mergers with financially constrained owners

Berg, Aron; Norbäck, Pehr-Johan; Persson, Lars - 2012

This paper proposes a cross-border M&A model with financially constrained owners in which the identity of the buyer and seller can be determined. We show that policies blocking foreign acquisitions to protect the domestic industry can be counterproductive. Foreign acquisition can increase the...

Persistent link: https://www.econbiz.de/10009625136

Cross-border acquisitions and restructuring : multinational enterprises versus private equity-firms

Baziki, Selva Bahar; Norbäck, Pehr-Johan; Persson, Lars; … - 2015

An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of crossborder acquisitions in which MNEs and PE-firms compete over domestic assets. MNEs' advantage lies in...

Persistent link: https://www.econbiz.de/10010472515