This paper analyses the effects of preemption fears on the buyout efficiency when firms combine non-synergistic operational activities and have asymmetric access to financing. Bidders with preemption fears are more likely to acquire target firms at an earlier development stage. However, if...

We examine the relation between acquirer and target firm ownership and the probability of a cross-border deal involving patents. By focusing on M&A deals involving intangible assets, we are better positioned to analyze technology sales. We show how different owners on the acquirer and the target...