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Mergers and acquisitions (M&As) constitute a disruption to the working environment of the inventive labor force of the acquired company. If inventors would respond with a decline of their patent productivity or departure from the firm this can be detrimental to the innovative process within the...
Persistent link: https://www.econbiz.de/10010297978
Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...
Persistent link: https://www.econbiz.de/10008939765
The objective of this study is to investigate the sensitivity of the estimated relationship between innovation and firm performance. In doing so, we rely on a knowledge production function approach and carry out comparisons in a number of respects. The sensitivity analysis is based on the...
Persistent link: https://www.econbiz.de/10009502224
The question of whether or not mergers and acquisitions have helped to enhancebanks’ efficiency and profitability has not yet been conclusively resolved in theliterature. We argue that this is partly due to the severe methodological problemsinvolved. In this study, we analyze the effect of...
Persistent link: https://www.econbiz.de/10005866362
We examine merger activity and its effect on asset pricing in a firm network economy. Mergers create internal capital markets which change the cash flow risk structure of the merging firms. We propose a solution concept for coalitional games without the superadditivity axiom, which extends...
Persistent link: https://www.econbiz.de/10005858047
We characterize the conditions under which firms choose to (i) merge, (ii) form an alliance, or (iii) trade assets. For that prupose, we distinguish between the firms' assets (what can be traded in isolation), thei knowhow (what can be learned but not traded), and their core competencies (what...
Persistent link: https://www.econbiz.de/10005858361
This paper makes a case for the future development of European corporate law throughregulatory competition rather than EC legislation. It is for the first time becoming legallypossible for firms within the EU to select the national company law that they wish togovern their activities. A...
Persistent link: https://www.econbiz.de/10005870059
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10011569023
Mergers and acquisitions (M&As) constitute a disruption to the working environment of the inventive labor force of the acquired company. If inventors would respond with a decline of their patent productivity or departure from the firm this can be detrimental to the innovative process within the...
Persistent link: https://www.econbiz.de/10005097752
Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited...
Persistent link: https://www.econbiz.de/10010295834