Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Essays On Merger And Innovation
Download Essays On Merger And Innovation full books in PDF, epub, and Kindle. Read online Essays On Merger And Innovation ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
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 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 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 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 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 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 Corporate Innovation by : Jamie Weathers
Download or read book Essays on Corporate Innovation written by Jamie Weathers and published by . This book was released on 2016 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation empirically explores the facets of corporate innovation in the firm and the ultimate effects on firm value. In the first chapter I identify firm innovation as a new channel by which employee treatment affects firm value. Growth and innovation incentive theories support positive effects of "good" employee treatment on innovation. Alternatively, entrenchment theory suggests such treatment will lead to complacency and shirking, hence deterring innovation. These opposing views merit investigation since in the "new economy", human capital is increasingly essential to firm value and the growth and success of a firm has become more reliant on corporate innovation. Using the KLD Research & Analytics, Inc. SOCRATES database and newly acquired patent/citation data, I find an overall significant positive relationship between positive employee treatment and innovation quantity (patents) and quality (citations per patent); both measures are significantly correlated to firm value in the literature. Furthermore, I find that favorable employee treatment improves innovation focus - innovation projects more related to firms' core business. These findings, robust to an alternate data source and endogeneity concerns, are consistent with the theories of growth and innovation incentive and suggest corporate innovation represents a channel by which employee treatment enhances firm value. In the second chapter I use the context of mergers & acquisitions (M&A) to investigate the effect of firm innovative ability. Acquirer announcement returns in M&A are known for being low on average; however, recent studies indicate greater abnormal announcement and long-run returns to firms motivated by the acquisition of innovation. Although acquiring innovation is an important motive for M&A, prior studies have ii mostly focused on the characteristics of target firms. In this paper, I explore the effect of acquirers' innovative abilities in the M&A transaction. I propose that acquirer's ex-ante ability to transform internal and external innovation investment into a tangible valued output (i.e. sales or profitability) is subject to asymmetric information. I apply a unique measure of innovative ability to explain the cross-sectional variation in acquirer returns for mergers and find a positive relation between acquirers' innovative abilities and their abnormal returns around M&A announcements. I further discover that greater CARs in high innovative ability acquirers only exist in a subsample of M&As in the later life cycle of firms. For early merger events (the first three M&As after IPOs), acquirers' innovative abilities are not associated with significantly larger announcement returns, suggesting an altered market perception of the value impact of acquisitions of innovation and innovative ability.
Book Synopsis Essays on Market Structure and Firm Strategies by : Jessica Calfee Stahl
Download or read book Essays on Market Structure and Firm Strategies written by Jessica Calfee Stahl and published by . This book was released on 2009 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: While mergers are highly visible and changes in market structure can have large effects on social welfare, very little empirical work has studied the determinants of merger activity. My dissertation analyzes merger decisions made by firms so as to understand incentives to merge. Chapter 1 uses patent citation data to determine whether firms are more or less actively engaged in sequential innovation after they merge. The ability to capture information spillovers may enhance merged firms' incentives to build upon one another's innovations; yet merging may reduce the firms' incentives to leap-frog one another. Looking at mergers between public companies from 1980 to 2003, I find that in nearly all industries, cross-citations between two firms increase before they merge and then fall after they merge. This suggests that the firms were engaged in an innovation race that was slowed by the merger. Firms may seek out these mergers partly to reduce innovation competition. Chapter 2 exploits an exogenous change in regulation that led to significant consolidation in the broadcast television industry. The vast majority of consolidation was across local markets, so it is not clear what drove consolidation. This chapter uses a panel dataset on ownership and revenue of broadcast stations in order to estimate the revenue advantages of consolidation. I find that revenue advantages come through access to a wider audience, most likely because a firm can offer advertisers more viewers per contract. Chapter 3 uses results from the second chapter, and estimates a dynamic oligopoly model in order to identify the cost advantages of consolidation in the television industry. I infer costs from patterns in ownership changes that are unexplained by revenue estimation. I model firms' decisions as a dynamic game, and estimate the game using a two-step method recently developed by Bajari, Benkard and Levin (2007). This is the first paper to estimate a model of merger activity in a dynamic, strategic framework. I find that owning more stations enables firms to reduce per-station operating costs. A firm's ability to do this is affected by its stations' network affiliations, the location of its stations and the demographic heterogeneity of its viewers.
Book Synopsis Three Essays in Industrial Organization by : Souresh Saha
Download or read book Three Essays in Industrial Organization written by Souresh Saha and published by . This book was released on 1999 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Competitive Dynamics of Innovation and Product Quality by : Michael Stefan Mills
Download or read book Essays on the Competitive Dynamics of Innovation and Product Quality written by Michael Stefan Mills and published by . This book was released on 2014 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms compete through means other than pricing and advertising. In particular, firms compete through manipulating the quality of their products. In the pharmaceutical industry, firms compete by innovating to create a better quality medicine. The first chapter examines pharmaceutical firms' strategic response to innovate. The comparison of words used in job advertisements to words used in the International Classification of Diseases are analyzed to measure the amount of innovative activity a firm conducts in a given disease category. From this novel dataset, the results indicate that a firm increases its innovative activity due to its competitors' increase in innovative action. The second chapter extends a model with vertically differentiated products to include a "brand" firm's incentive to market a medium quality product (pseudo-generic) to compete with their original high quality product and a competitor's low quality product. Under certain assumptions of consumer heterogeneity, an incumbent firm will market a pseudo-generic only when it can deter the entry of multiple competitors. The third chapter looks at quality competition in the airline industry by analyzing the changes in the total flight frequency for a city-pair due to the merger of two airlines. The results suggest that a merger can decrease flight frequency by as much as 97 flights per month on some routes. The decreases in flight frequency are almost entirely due to the merger removing a competitor (one of the merging partners) from the route. Consequently, the total change in frequency on most routes is less severe or insignificant all together.
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 on Innovation and Finance by : Ibrahim Bostan
Download or read book Essays on Innovation and Finance written by Ibrahim Bostan and published by . This book was released on 2015 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this dissertation is on the interactions of real and financial decisions. First, I investigate the role of minority equity purchases on the innovation activities of the US firms. I provide evidence of an increased innovation activity following minority equity purchases targeting firms with a small size patent portfolio prior to acquisition. Using a hand collected data I show that the positive effect of minority equity purchases is nonexistent when there is no simultaneous cash transfer to the target firm. Target firms in minority acquisitions increase their innovation while a matched sample of firms in the same industry with similar technological stock and having similar size show no increases in the innovation performance. I also show that firms which are financially constrained prior to the minority acquisition increase their innovation afterwards. Second, I try to address the question that whether insiders who know about success/failure probabilities of innovation projects ahead of outside investors trade on this private information? This study finds that insiders' purchases in large firms precede the patent application for important innovation. US publicly held large firms increase their innovation quality, as measured by non-self citations received per patent applied, by 25% subsequent to the share purchase of top insiders. An event study analysis is conducted to understand the stock price reaction to the important innovations. I provide the evidence that the average cumulative abnormal returns of insiders on their purchases prior to the important patent applications are economically large and significant especially in the long run. The study also show that the positive price reaction to important innovations only occurs when insiders purchases their firm's stock and stock prices react negatively to the application or grant of the important breakthroughs. The use of private information by insiders seems to be less prevalent in firms with better corporate governance. Firm innovation quality also deteriorates after insiders sell their share in the company. The results are robust to changing the econometric methods employed, controlling for time and firm fixed effects as well as stock return and other firm characteristics.
Book Synopsis Competition, Efficiency, and Welfare by : Dennis C. Mueller
Download or read book Competition, Efficiency, and Welfare written by Dennis C. Mueller and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition, Efficiency and Welfare contains a collection of papers in honor of Manfred Neumann. This collection was prepared as a tribute to a teacher and scholar, whose accomplishments have enriched various fields of economics. The magnitude of his interests is reflected in the breadth of topics covered in this volume: industrial economics, competition policy and related topics. However, if one unifying principle runs through Manfred Neumann's work, it is the belief in the power of competition. Born on May 16, 1933, Manfred Neumann studied economics at the University of Cologne. He graduated in 1960. In 1969 Manfred Neumann was appointed Professor of Economics at Nürnberg University. He was Dean of the Faculty of Economics and Social Sciences of the University of Erlangen-Nürnberg, President of the European Association for Research in Industrial Economics (EARIE) and Chairman of Industrial Organization Study Group of the Verein für Sozialpolitik. Most of his professional career has been spent at Nürnberg, where he has helped to make the Economic Institute one of the leading research centers in Industrial Organization. He has also been involved in various advisory activities. The volume contains 18 essays. The first twelve are grouped into four categories: Innovation and R&D (Part I), Cartels (Part II), Mergers and Merger Policy (Part III), and Methodological Issues in Industrial Organization (Part IV). These papers fall within the bounds of industrial economics, which has been Manfred Neumann's primary research interest throughout his career. Part V includes two papers on theories of international trade, which has been a recurring topic of interest for Manfred Neumann through the years. The last three papers look at broader policy and macroeconomic issues. Contributors to this volume include Karl Aiginger, David B. Audretsch, Paul A. Geroski, Stephen Martin and Dennis Mueller.
Book Synopsis Three Essays on Innovation by : Gavin L. Fox
Download or read book Three Essays on Innovation written by Gavin L. Fox and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the second essay, position in a network of strategic partners (i.e. centrality, constraint, and range) is assessed as an external predictor of innovation. The results of the second essay suggest that having many strategic partners (being central) and controlling the flow of knowledge among those partners (being unconstrained) are positively related to innovation. Finally, in the third essay, internal and external predictors are combined with the characteristics of strategic partners in a network analysis. The results support the findings of the first two essays and further suggest that firms should consider the resources of both their direct and indirect strategic partners when attempting to innovate. Taken together, the results of the three essays highlight the value of more universal predictors of innovation and suggest that managers and researchers focus on the basics of knowledge creation and acquisition when pursuing innovation.
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 Merger & Acquisition Press Releases and Firm Performance by : X. Chen
Download or read book Essays on Merger & Acquisition Press Releases and Firm Performance written by X. Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Innovation and Entrepreneurial Finance by : Paul P. Momtaz
Download or read book Essays in Innovation and Entrepreneurial Finance written by Paul P. Momtaz and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters.In Chapter 1 of the dissertation, I contribute to the inconclusive literature on labor empow- erment and corporate innovation. The paper exploits a law that creates Labor-Controlled Firms (LCFs) for identification in a regression discontinuity design using administrative data that link employers, inventors, and patents in Germany. The law mandates that firms with more than 500 or 2,000 employees have a minority (33%) or parity (50%) share of labor-elected directors on their boards, respectively. Local average treatment effects on the number of patents and the forward citation-weighted number of patents per LCF are significantly positive at both the minority and parity cutoffs, although forward citations per patent are significantly negative at the parity cutoff. The results suggest that labor control causes innovative productivity to increase at the expense of a relative shift from exploratory toward exploitative search. Auxiliary tests support this conclu- sion. Labor control insures employed inventors against adverse labor market shocks, increasing firm-related specialization through longer employment spells while reducing the intensive margin of innovative labor supply. Moreover, inventors' marginal income per patent is insensitive to the quality of the patent when the employer is labor-controlled, suggesting a lack of financial incen- tives for exploratory search in LCFs. In Chapter 2, we estimates that shares in Private Investments in Public Equity (PIPEs) offered a discount of 3% for each year during which these shares could not be resold. The discount can be substantially larger in offerings in which marketability is a greater concern. Our estimates make use of the duration of the resale restriction and information about the effects of a regulatory change. In 2008, the SEC amended Rule 144 to shorten the default statutory holding period. Our estimates are smaller than previous estimates and robust to various controls and endogeneity concerns. In Chapter 3, we offer evidence from acquisition decisions that suggests that antitakeover pro- visions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provi- sions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value- creating long-term and innovative investing, and increase their sensitivity to investment opportu- nities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.
