The increasing commercialization of university discoveries has initiated acontroversy on the impacts for future scientific research. It has been argued that anincreasing orientation towards commercialization may have a negative impact onmore fundamental research efforts in science. Several...

Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...

In Deutschland sind – wie in fast allen Industrieländern – mehr als 99 % aller Unternehmendem Mittelstand (bzw. den kleinen und mittleren Unternehmen, KMU) zuzurechnen. Sie produzierenknapp die Hälfte der Bruttowertschöpfung des Unternehmenssektors. Zentralesqualitatives Merkmal ist die...

In this paper we model the adjustment process of European Union Allowance(EUA) prices to the releases of announcements at high-frequency controlling forintraday periodicity, volatility clustering and volatility persistence. We ¯nd thatthe high-frequency EUA price dynamics are very well captured...

This work provides a descriptive overview of Russian markets for financialderivatives. Available figures for the exchange-traded and over-the-counter-tradedderivatives in Russia show that the Russian derivatives markets experiencedenormous growth rates since the financial crisis in 1998....

Both M&A and innovation are instruments for growth and competitive advantage.Therefore they are fundamental to each firm’s competitive strategy. Usually, both instrumentshave been studied separately, but much less in conjunction. This is unfortunate as bothprocesses - the process of innovation...

Over the last few years, worldwide mergers and acquisitions (M&A) have increasedsharply both in terms of value and volume. This development has not only beendriven by corporate acquirers but also to an increasing extent by private equityinvestors. In this paper, we analyze differences in...

This paper investigates whether the size of multinationals’ real investments ina high-tax country is affected by profit shifting activities. A simple theoretical analysisshows that tax rates abroad impact the cost of capital in the presence of profit shiftingactivities of multinational...

Mergers and acquisitions (M&As) constitute a disruption to the workingenvironment of the inventive labor force of the acquired company. If inventors wouldrespond with a decline of their patent productivity or departure from the firm thiscan be detrimental to the innovative process within the...

Hybridkapital ist eine innovative Form der Unternehmensfinanzierung. Hybride Finanzinstrumenteweisen Eigenschaften von sowohl Fremd- als auch Eigenkapital auf und stellendeswegen ein sehr flexibles Finanzprodukt dar. Aus diesem Grund haben sich in den letztenJahren hybride Kapitalinstrumente auf...