acquired innovation to show that unpatented innovation plays an important, though often ignored, role in merger value creation … and patents lead to both misclassification of merger types as well as underestimates of the impact of innovation in value …

to offer substantially higher takeover premiums. However, some empirical evidence suggests that less product innovation …

association with post-merger patenting is mainly driven by patents invented in the countries of the acquirers headquarter and its …

predicts that a merger is more likely to be profitable in an innovation intensive industry. For a high degree of firm … heterogeneity, a merger reduces innovation of both the merged entity and non-merging competitors in an industry with high R … consistent with many predictions of the theoretical model. Our main result is that after a merger, patenting and R&D of the …