value of patents and their potential to block competitors in technology markets. Our empirical results for European firm … firms with valuable patents. However, patents with a potential to block technology competitors seem to be only of interest … to corporate investors, especially if these are closely related to the patent portfolio of the acquirer. …

's patents, especially if blocking patents are in technology fields related to the acquiring firm's patent portfolio. Our results … acquisitions. On the one hand, patents are used as a building instrument for the acquirer's technology portfolio. On the other hand …-based view of the firm, we analyze the importance of these two faces of technology acquisition for the valuation of a target firm …

blocking patents are in technology fields related to the acquiring firm's patent portfolio. Our results have implications for … acquisitions. On the one hand, patents are used as a building instrument for the acquirer's technology portfolio. On the other hand …-based view of the firm, we analyze the importance of these two faces of technology acquisition for the valuation of a target firm …

areembodied in new patent filings within the county. To explicitly capture spillovers betweencounties we apply spatial econometric …