R&D consortia, which coordinate R&D activities of their member firms, have been successful in many industries. We study a model with two competing supply chains each consisting of a manufacturer and a supplier. The manufacturers compete in the final product market, and can conduct R&D to reduce...

Innovation can be obtained internally by investing in research and development (R&D) and externally by merger and acquisition (M&A). A fundamental question is whether the relationship between R&D investment and M&A is substitutable or complimentary, and the opinions and evidences are mixed. In...