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An Anatomy of Industry Merger Waves
Bianchi, Daniele - 2016
We propose a novel Markov regime-switching Poisson regression model with time-varying transition distributions to test existing theories on determinants of wave-like patterns in same-industry merger and acquisitions (M&As). We show that the dynamics and persistence of merger waves change...
Persistent link: https://www.econbiz.de/10013004551
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Horizontal mergers and exit in declining industries
Filson, Darren; Songsamphant, Bunchon - 2001
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10011569023
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The role of technology in M&As: a firm-level comparison of cross-border and domestic deals
Frey, Rainer; Hussinger, Katrin - 2006
Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited...
Persistent link: https://www.econbiz.de/10010295834
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R&D and the Incentives from Merger and Acquisition Activity
Phillips, Gordon M. - 2012
We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in...
Persistent link: https://www.econbiz.de/10013097452
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Human Capital Synergies in Mergers and Acquisitions
Li, Kai - 2020
Using a unique data set tracking inventors' careers around mergers and acquisitions (M&As) over the period 19812012, we first show a steep increase postmerger in the frequency of collaboration between acquirer and target inventors, and that such collaboration is associated with more radical,...
Persistent link: https://www.econbiz.de/10012840816
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Literature Review of Mergers and Acquisitions with the Aim to Obtain Technology and Knowledge
Ochirova, Elena - 2020
Persistent link: https://www.econbiz.de/10012829655
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Mergers and acquisitions and corporate innovation
Li, Kai - 2017
This paper provides both theoretical perspectives and empirical evidence on the relationship between mergers and acquisitions (M&As) and corporate innovation. It also identifies relevant policies implemented by countries around the world to encourage corporate innovation activities, and...
Persistent link: https://www.econbiz.de/10011757954
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Patent Thickets and Mergers and Acquisitions
Emery, Logan P.; Woeppel, Michael - 2022
We examine the relation between patent thickets and acquisitions. Patent thickets are dense webs of overlapping intellectual property rights that create costs by complicating licensing negotiations and increasing the risk of holdup and litigation. We find that firms are less likely to be...
Persistent link: https://www.econbiz.de/10014238667
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Absorptive capacity and post-acquisition inventor productivity
Hussinger, Katrin - 2010
eine geringe Produktivität der bei der Fusion übernommen Erfinder in den unmittelbaren Folgejahren. Aus diesem Grund ist es …, die Produktivität der akquirierten Erfinder in den Jahren unmittelbar nach der Fusion zu erhöhen. Absorptionsfähigkeit … nach einer Fusion den Arbeitgeber wechseln können, zeigen, dass die Produktivität der übernommenen Erfinder, gemessen in …
Persistent link: https://www.econbiz.de/10008660550
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Absorptive Capacity and Post-Acquisition Inventor Productivity
Hussinger, Katrin - 2014
Inventors often experience a low productivity after their company has been subject to a merger or acquisition (M&As). It is of central managerial interest to identify factors facilitating the integration of new inventive staff and thereby counteracting innovation declines after M&As. This paper...
Persistent link: https://www.econbiz.de/10014191176