This paper studies strategic industry dynamics of creative destruction in which firms and technologies experience turnover. Theories predict cannibalization between existing and new products delays incumbents’ innovation, whereas preemptive motives accelerate it. Incumbents’ cost...

This is an ex-post evaluation of how innovation changed following mergers and subsequent policy interventions, using an industry case study involving the 5-to-3 consolidation of three related mergers in the worldwide hard disk drive (HDD) industry, in 2011/12. Unlike most previous empirical...

We assess the usefulness of patent statistics as an indicator of innovation, using a direct measure of innovation in the hard disk industry (1976--98). Three findings emerge: (1) Patents "predict" innovations better than a random guess, and a simple refinement makes them more useful; (2)...