This paper addresses the key determinants of merger failure, in particularthe role of innovation (post-merger performance) and technology (ex-anteselection) when firms decide to separate. After a brief review of the existingliterature we introduce a model of process innovation where merged...

This paper addresses the key determinants of merger failure, in particular the role of innovation (post-merger performance) and technology (ex-ante selection) when firms decide to separate. After a brief review of the existing literature we introduce a model of process innovation where merged...

Diese Studie wurde von Kai Sülzle während seiner Tätigkeit am ifo Institut für Wirtschaftsforschung verfasst. Sie wurde im April 2007 fertig gestellt und zur Promotion an der Volkswirtschaftlichen Fakultät der Technischen Universität Dresden angenommen, wo sie am 26. Juni 2007 erfolgreich...

This paper addresses the key determinants of merger failure, in particular the role of innovation (post-merger performance) and technology (ex-ante selection) when firms decide to separate. After a brief review of the existing literature we introduce a model of process innovation where merged...

I propose a theory of debt maturity as an incentive device to motivate innovation when contracts are fundamentally incomplete and shaped by ex-post renegotiation. The financing of innovative firms must balance two goals. On the one hand, since innovation is inherently risky, the entrepreneur...

We develop a simple theoretical model of a long term buyer-supplier relationship with non-contractible buyer specific R&D investment, and derive predictions on the effects of trust and competition on suppliers' investment and buyers' procurement strategies. We address these issues empirically...

Our paper contributes to the literature on the relationship between innovation and market power by considering how changes in the intensity of product market competition affect innovation when managerial compensation is a linear function of firm profits. Changes in the intensity of product...

I propose a theory of debt maturity as an incentive device to motivate innovation when contracts are fundamentally incomplete and shaped by ex-post renegotiation. The financing of innovative firms must balance two goals. On the one hand, since innovation is inherently risky, the entrepreneur...

In 'Delivering Justice: Programme of Action to Strengthen the Rule of Law at the National and International Levels', the Secretary-General of the United Nations, argued that the rule of law involves more than the state and its institutions: it “is at the heart of the social contract between...