product differentiation, and not reduction in marginal cost of production and prices with process innovation. The data does … firms. The results provide evidence for the role of innovation in making firms dynamically capable and resilient to large …

&As). Specifically, we discuss the effects of M&As on innovation, product variety, and sustainability. Although the relationship is … theoretically ambiguous, the vast majority of ex-post evaluations of horizontal M&As finds large negative effects on innovation …