The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or...

Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns....

Forschungsintensive Industrien wie die Biotechnologie sind geprägt von einer Vielzahl an Kooperationen zwischen etablierten Großunternehmen mit kleinen Partnern. Aber die Misserfolgsraten solcher Vereinbarungen sind trotz einer zunehmenden Kooperationserfahrung der beteiligten Unternehmen...