Recent studies of sectoral specialisation and technological development across market economies have shown how contrasting patterns of technical change can be explained by the different institutional frameworks that have become established in distinct types of economy (see, e.g., Casper, 2000;...

The bidder who wins at an auction may end up paying more for an asset than it is actually worth. This, stated very simply, is the so-called winner's curse. Consider the simplest possible case where the asset has the same actual value to all bidders, but bidders do not know for certain what that...

We find that the decision by a potential acquirer to complete or cancel an announced acquisitionproposal is sensitive to new information generated after the announcement of the acquisition.Both the acquirer and target’s cumulative abnormal returns (CAR) over different windows afterthe...

Despite the rapid rise in cross-border mergers and acquisitions in the past twenty years, there has been little attention paid to what determines their patterns and, in particular, what influences their behaviour over time. Employing a panel database this paper models the behaviour of foreign...

The aim of the present work is to study the evolution of organizational knowledge within Academic Spin-off (ASO) firms throughout their life cycle. The exploitation of tacit and indivisible new knowledge developed in the context of academic institutions entails agency problems of different...

Post-M&A organisational cultural change is a traumatic experience for organisational members. It generates resistance and contributes to M&A failure. Nevertheless, the literature on managing post-M&A cultural change is scarce and largely focused on overcoming the debilitating impact of...

The literature on mergers and acquisitions (M&A) has accumulated a wide body of knowledge on the role of culture in post-M&A integration. Available research uses varied perspectives on culture and cultural change processes. Some define culture as a force shaping human action, others examine...

This paper analyses the process of knowledge growth in a branch of medical science. Our study of scientific advances in glaucoma research is organized in two parts. In the first we present a qualitative overview of the problem sequences that have characterized 150 years of medical research in...

This paper is about the implications of a nation’s approach to defence procurement for its national innovation system and the innovation that occurs within it. Defence procurement involves choices over what is to be purchased (the product), from whom it should be bought (the producer), and how...

Departing from a number of theoretical perspectives from which rationales for science,technology and innovation (STI) policy can be extracted, this paper discusses threequestions. First, what rationales for public intervention can be derived from differenteconomic theories, including theories...