Understanding the value of a product development project is central to a firm’s choice of project portfolio. The value of a project to a firm depends not only on the project’s properties but also on the other projects being developed by the firm. This is due to interactions with other...

Innovation can be obtained internally by investing in research and development (R&D) and externally by merger and acquisition (M&A). A fundamental question is whether the relationship between R&D investment and M&A is substitutable or complimentary, and the opinions and evidences are mixed. In...