We analyze how foreign direct investment (FDI) affects employment security using administrative microdata for German employees. Measuring FDI intensity at the industry level enables us to take into account the sum of direct effects at multinationals as well as indirect effects of FDI throughout...

The paper analyses the impact of private equity (PE) backed leveraged buyouts (LBOs) on innovation output (patenting). Using a sample of 407 UK deals we find that LBOs have a positive causal effect on patent stock and quality-adjusted patent stock. Our results imply a 6% increase in...

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...

Seit Jahren gewinnen moderne Informations- und Kommunikationstechnologien (IKT) beträchtlich an Bedeutung. Über ihren wachsenden Anteil an der gesamtwirtschaftlichen Produktion hinaus birgt der Querschnittscharakter dieser Technologien für viele Chancen, da er neue Möglichkeiten der...

This paper analyses the effects of private equity firms on the investments and financial constraints of their portfolio firms. We use dynamic panel data techniques to account for unobserved firm heterogeneity and endogeneity of private equity backed buyouts and expansion financing, and apply our...

This paper provides empirical evidence on the relationship between cross-border acquisitions and innovation activities of the acquirer. For the empirical analysis a unique firm-level data set is constructed that combines survey data for German firms with a merger and acquisition database. After...

This paper provides empirical evidence on the relationship between cross-border mergers and acquisitions (M&A) and innovation. For the empirical analysis a unique firm-level data set is constructed that combines balance sheet data and an M&A database with information on patent applications....

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...

This papers analyses how horizontal mergers affect innovation activities of the merged entity and its non-merging competitors. We develop an oligopoly model with heterogeneous firms to derive empirically testable implications. Our model predicts that a merger is more likely to be profitable in...

We investigate how outside directors on supervisory boards influence innovative activities of the firms they advise and monitor. Based on panel data on the largest German companies, the econometric analysis shows a positive influence of external executives on innovative firm performance,...