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The decision to cooperate within R&D joint ventures is often based on expert advice such advice typically originates in a due diligence process, which assesses the R&D joint ventures profitability, for example, by appraising the achievability of synergies. We show that if the experts who advise...
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This study identifies information accessibility as a determinant of corporate innovation. Using the sudden termination of Google's search services in China, we find a persistently large negative effect on the intensity and quality of innovation among firms relying on foreign technology. The...
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This Article presents an original empirical methodology to identify which patent laws will best promote optimal incentives to innovate for society. Vociferous debates over patent reform pit the United States’ largest innovation industries against each other in a dispute concerning whether...
Persistent link: https://www.econbiz.de/10014171242
firm's investment is comparatively more sensitive to cash flow, but this sensitivity is negatively and significantly … related with corporate efficiency. These results point to the fact that high investment sensitivity to cash flow may not be … solely driven by measurement error in investment opportunity, but may still be interpreted as a consequence of imperfect …
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The paper studies how stock price misvaluation and financial frictions affect whether an acquisition occurs between or within industries and whether the acquirer pays in cash or stocks. I set up a model where stock market misvaluation correlates within industries and across industries and assume...
Persistent link: https://www.econbiz.de/10011621231