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Essays In Mergers And Acquisitions Innovation And Product Markets
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Book Synopsis Essays in Mergers and Acquisitions, Innovation and Product Markets by : Mosab Hammoudeh
Download or read book Essays in Mergers and Acquisitions, Innovation and Product Markets written by Mosab Hammoudeh and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 2 titled "Seeking efficiency or price gouging? Evidence from pharmaceutical mergers," we show that pharmaceutical mergers are a response to ex-ante competitive pressure, and in turn, reduce product market competition. Although egregious drug price increases are not widespread, merger-induced reduction in competition does help prop up prices. We also find robust support for the efficiency perspective of mergers. Firms with a high product overlap are more likely to merge and mergers are followed by a decline in the price of drugs that are similar across the acquirer and target portfolios. This decline is likely due to efficiency gains in the R&D process and reduction in operating expenses.
Book Synopsis Essays on Mergers & Acquisitions and Innovation by : Yu Yu
Download or read book Essays on Mergers & Acquisitions and Innovation written by Yu Yu and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While innovation and growth can be promoted internally through focus on research and development (R&D), many firms find acquisition from external sources to be a speedy and attractive alternative. Despite the numerous theories of merger and acquisition (M&A) in the literature, no empirical study has tackled the problem of target selection in an acquisition. The existing studies on M&A outcomes also fail to control for the endogenous matching between the acquirer and the target. Essay 1 of this dissertation is the first to study the target selection criteria in an empirical setting. It quantifies the elusive concept of synergy by developing new measures of similarity and complementarily between the acquirer and the target that are more comprehensive than the existing measures in the literature. Using an innovative application of the discrete choice model, I find that firms use acquisition to promote growth and innovation in areas of strategic interest. Specifically, acquirers choose target firms whose product markets match their own R&D projects, and target firms whose R&D projects match their own product markets. Essay 2 enriches the modeling approach for merger partner selection in essay 1. I use a game-theoretic matching model and study the impact of matching on merger performance. With a Bayesian estimation method, I apply the model to 1895 mergers in five high-tech industries that occurred between 1992 and 2008. I find that the unobserved strategic fit between the two merging partners has a significant effect on the post-merger innovation abilities of the combined firm. Managers wisely choose merger partners that deepen their technical knowledge, but under-estimate the challenges in integrating foreign partners and partners with similar technology. I also find evidence of estimation bias due to matching induced endogeneity. Essay 3 of the dissertation is a comprehensive review of the M&A related research published in top marketing journals. This review will provide marketing scholars with a research background on M&A, both in terms of theories and marketing applications of those theories. This review will help readers to appreciate the contribution made by marketing researchers to M&A knowledge, and hopefully inspire more marketing scholars to incorporate M&A topic in their research.
Book Synopsis Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions by : 陳翀
Download or read book Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions written by 陳翀 and published by . This book was released on 2018 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on mergers and acquisitions and innovation by : Vusal Eminli
Download or read book Essays on mergers and acquisitions and innovation written by Vusal Eminli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers & Acquisitions by : Bruno Cassiman
Download or read book Mergers & Acquisitions written by Bruno Cassiman and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The content of this book is based on the final report of a research project carried out by an international team of researchers for the European Commission's Directorate General for Research"--copyright p.
Book Synopsis Essays on the Geographical, Product, and Technological Dimensions of the Market for Corporate Control by : Marco Testoni
Download or read book Essays on the Geographical, Product, and Technological Dimensions of the Market for Corporate Control written by Marco Testoni and published by . This book was released on 2019 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M&As) play a central role in companies' strategies. This dissertation investigates how the location of merging companies and their competitors in the geographical, product market, or technological space influences key aspects of M&As, including the takeover price, the acquiring and the target companies' returns, the method of payment, and the spillover effects on the valuation of competitors. In particular, Chapter 1 studies how the geographical location of acquiring and target companies affects the competitiveness of the acquisition process and therefore the acquisition price. Chapter 2 investigates whether face-to-face interactions with the target's employees before an acquisition provide informational advantages to the acquirer and translate into higher acquisition returns. Chapter 3 looks at the perspective of the seller and studies how the geographical distance to the acquiring company affects the seller's incentives to retain partial ownership of the combined entity. Chapter 4 analyzes the market value spillovers of an acquisition announcement on competitors, and proposes a way to empirically disentangle the negative product market rivalry effect from a positive technological signaling effect.
Book Synopsis Three Essays on Mergers and Acquisitions, Institutional Investment, and Innovation by : Abdullah A. Alshwer
Download or read book Three Essays on Mergers and Acquisitions, Institutional Investment, and Innovation written by Abdullah A. Alshwer and published by . This book was released on 2012 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Innovation, R&D Collaboration, Competition, and Mergers and Acquisitions by : Tran Thi Lan Huong
Download or read book Essays on Innovation, R&D Collaboration, Competition, and Mergers and Acquisitions written by Tran Thi Lan Huong and published by . This book was released on 2018 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Merger and Innovation by : Gusang Kang
Download or read book Essays on Merger and Innovation written by Gusang Kang and published by . This book was released on 2018 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Investor Behavior and Financial Innovation by : Tobias Stuber
Download or read book Essays on Investor Behavior and Financial Innovation written by Tobias Stuber and published by Herbert Utz Verlag. This book was released on 2011 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Collected Essays on Political Economy and Wartime Civil Liberties, 2002-2008 by : Peter McMillan
Download or read book Collected Essays on Political Economy and Wartime Civil Liberties, 2002-2008 written by Peter McMillan and published by Lulu.com. This book was released on 2019-10-19 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of 64 essays, written between 2002-2008, primarily about economics (theory versus 'actually existing capitalism' through various topics including economic growth, business cycles, globalization and monopoly power, and political science (theory versus 'actually existing democracy' through various topics including constitutional government, emergency powers, and civil liberties). The geographic focus is the English-speaking nations of the Northern Hemisphere, primarily the U.S. A significant reason for setting this time frame is that it corresponds to a period when the author was experiencing his own 'darkness at noon.'
Book Synopsis The Selected Essays of John H. Dunning by : John H. Dunning
Download or read book The Selected Essays of John H. Dunning written by John H. Dunning and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: These volumes should be required reading for anyone with an interest in international business and globalisation. They add immeasurably to our understanding. Mira Wilkins, Business History Dunning is one of the most prominent researchers and thinkers in the IB field. In these books, he has set out his most celebrated writings and has provided us relatively easy access to widely scattered references in the literature. Rajat Kathuria, Global Business Review The modern academic study of the multinational enterprise started with John Dunning s pioneering study of American Investment in British Manufacturing Industry in 1958. In the early 1970s he began to publish an influential and authoritative stream of papers integrating theoretical and empirical analysis of the multinational enterprise. This fascinating volume charts the evolution of John Dunning s thinking, highlighting his attempts to develop a richer, more dynamic and historical framework for the analysis of the multinational enterprise. It makes compelling reading, and offers unique insights into the intellectual development of his well-known eclectic paradigm of international production. Mark Casson, University of Reading, UK This volume contains a selection of John Dunning s best known and highly acclaimed writings on the theory of international business activity. Spanning more than three decades, the 16 contributions trace the evolution of his thoughts and ideas as an economist, from his first article on the determinants of international production, published in 1973, to his most recent essay on relational assets, networks and global business activity, completed in 2002. Theories and Paradigms of International Business Activity gives particular prominence to the author s much renowned eclectic paradigm, which he first promulgated at a Nobel Symposium on the international allocation of economic activity in 1976. Since then, the author has written over 60 articles, pamphlets and chapters in books which have extended, refined and updated his theorizing on the interface between trade, FDI and MNE activity, in the light of the changing characteristics of the world economy and advances in international business scholarship. This, the first of two volumes of John Dunning s work, is essential reading for all students, scholars and researchers with a special interest in the reasons behind the explosive growth in post-war FDI and the globalization of business activity.
Book Synopsis Essays on the Economics of Mergers and Acquisitions by : Stefan Ebner
Download or read book Essays on the Economics of Mergers and Acquisitions written by Stefan Ebner and published by . This book was released on 2012 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Technology Management and Policy by : David J. Teece
Download or read book Essays in Technology Management and Policy written by David J. Teece and published by World Scientific. This book was released on 2003 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the manner in which successful firms develop, transfer, protect, and capture value from technological innovation. In essence, it is about ?knowledge management?, which lies at the foundation of firm level competitive advantage in today's global economy. The essays contain some of the fundamental contributions to the field of knowledge management by one of its best-known thinkers; they also constitute an immensely practical guide for those managers who wish to look below the surface of what is going on in Silicon Valley and elsewhere.
Book Synopsis Essays in Mergers and Acquisitions by : Can Dogan
Download or read book Essays in Mergers and Acquisitions written by Can Dogan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Product Market Synergies and Competition in Mergers and Acquisitions by : Gerard Hoberg
Download or read book Product Market Synergies and Competition in Mergers and Acquisitions written by Gerard Hoberg and published by . This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how product differentiation influences mergers and acquisitions and the ability of firms to exploit product market synergies. Using novel text-based analysis of firm 10K product descriptions, we find three key results. (1) Firms are more likely to enter restructuring transactions when the language describing their assets is similar to all other firms, consistent with their assets being more redeployable. (2) Targets earn lower announcement returns when similar alternative target firms exist. (3) Acquiring firms in competitive product markets experience increased profitability, higher sales growth, and increased changes in their product descriptions when they buy target firms that are similar to them and different from rival firms. Our findings are consistent with similar merging firms exploiting synergies to create new products and increase their product differentiation relative to ex-ante rivals.
Book Synopsis Mergers and Acquisitions, Entrepreneurship and Innovation by : Yaakov Weber
Download or read book Mergers and Acquisitions, Entrepreneurship and Innovation written by Yaakov Weber and published by Emerald Group Publishing. This book was released on 2016-10-24 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of Technology, Innovation, Entrepreneurship and Competitive Strategy is devoted to research aimed at understanding success and failure factors of mergers and acquisitions in entrepreneurial firms. Contributions are multidisciplinary and cross-cultural, and tackle key issues from a variety of theoretical and empirical perspectives.
