Merger activities in innovative industries point to a relation between mergers and innovation. Firms' innovative ideas may spillover to other firms dis-incentivizing innovation activities, and merger may be a way to capture innovation spillover. The merger-innovation nexus has been well studied...

Mergers lead to larger firms and a less competitive market structure, but their effects on innovation are not clear. Mergers may improve innovation incentives by promoting economies of scope and scale, R\&D activities, and increasing the ability to deal with uncertainties. However, mergers may...

A higher fragmentation of patent ownership following the recent U.S. pro-patent shifts has built overlapping property rights or patent thickets for firms with cumulative innovations. This has made the use of other firms' innovations costlier, due to higher transaction costs, licensing fees, and...