This paper studies mergers in markets where firms invest in a portfolio of research projects of different profitability … firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm … appropriable, then a merger increases consumer welfare by reducing investment in the most profitable project and increasing …

acquisitions (M&As) and corporate innovation. It also identifies relevant policies implemented by countries around the world to …This paper provides both theoretical perspectives and empirical evidence on the relationship between mergers and … encourage corporate innovation activities, and discusses the experience from which policy makers and practitioners in Asia could …

's bargaining power is below a threshold. Allowing for acquisitions may improve the direction of innovation of each of the players …. Allowing for acquisitions distorts both players' incentives to allocate funding across their rival and non-rival projects. We … rival market. We show that this strategic effect dominates the usual "innovation for buyout effect" when the entrant …

Pharmaceutical firms spend increasing amounts in mergers and acquisitions (M&As), which raises the question of whether … sufficient investment is left after mergers to further develop firms' internal drug development capability. We evaluate the … effects of M&As on firms' post-merger R&D investments and drug development capabilities across drug development phases. This …

that being a generalist does not seem to be important in this regard. Finally, we find that innovation positively moderates …

the bidding competition for the innovation and by increasing the relative profitability of being the most efficient firm …We show that, in the case when innovations are for sale, increased product market competition, captured by reduced … stricter, but not too strict, merger and cartel policies tend to increase the incentive for innovations for sale by ensuring …

classes across all sectors and all EU Member States, we identify different innovation profiles based on a firm's R …&D investment and/or innovation activities. We find that "basic" firms - i.e. firms that do not engage in any type of R&D or … innovation - are more common among young SMEs, while innovators - i.e. firms that do R&D and introduce new products, processes or …