Big companies and small innovation factories possess different advantages in a patent contest. While large firms …. Furthermore, acquisitions increase the chances for a successful innovation. -- patent contest ; sequential acquisitions … patent contest with asymmetric firms. In a pre-contest acquisition game large firms bid sequentially for small firms to …

The conventional intuition suggests that in the absence of synergy, diversification should bring neither gains nor … loses, and that gains from diversification should increase with the amount of synergy. That is, as the cash-flow from …

banks have a substantial and persistent negative impact on merging banks' revenues. We refer to merger related negative … customers and the temporary distraction of management from day-to-day operations by effecting the merger. For our analyses we … involved in 212 mergers between 1994 and 2006. We find that the negative impact of a merger on net operating revenues amounts …

This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms …. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by … inventors based in the acquirer's country, while innovation in the target's country tends to decline. The asymmetry of effects …

We consider mergers in an innovation contest between n firms in the presence of synergetic effects. We assume that a … merger may affect the R&D efficiency of the merging firm due to increasing returns to scale in R&D. We show that mergers are … spillovers, we show that higher efficiency gains are needed to make the merger profitable. …