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Essays On Mergers Acquisitions And Innovation
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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 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 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 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 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 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 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 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 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 Three Essays on Mergers and Acquisitions by : Nabil El Meslmani
Download or read book Three Essays on Mergers and Acquisitions written by Nabil El Meslmani and published by . This book was released on 2017 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays. In the first essay, we examine the behavior of the implied volatility of both target and acquirer firms around merger and acquisition announcements. We find that option implied volatility is related to the bidder firm’s announcement cumulative abnormal return (CAR-Bidder), the choice of the method of payment as well as the probability that the deal will be concluded successfully. Specifically, we show that target implied volatility not only drops at the announcement day but moves towards the acquirer implied volatility post acquisition announcement for stock or mixed deals. Moreover, we find that the method of payment is related to the post announcement target implied volatility, and we document that target implied volatilities are lower in cash deals. The probability of deal success is significantly negatively affected by the spread between the actual target’s implied volatility two days after the announcement and its theoretical value. The greater the difference between the target’s implied volatility and its theoretical value, the lower the probability of successful deal completion. Next, we rely on the average of the implied volatility as a proxy for expected risk and the volatility of the implied volatility as a proxy for uncertainty about expected risk. We show that the CAR-Bidder decreases with an increase in both the expected risk and the uncertainty about expected risk of the bidder firm for stock or mixed deals. We also illustrate that the probability of a cash offer is decreasing in the expected risk and the uncertainty about expected risk of both bidder and target firms. We also find that the probability of deal success is decreasing in bidder’s expected risk. Our measures related to risk and uncertainty about risk contain information additional to common proxies for asymmetric information and uncertainty used in the literature such as the standard deviation of analysts’ forecasts and idiosyncratic volatility. The second essay examines whether the puzzling negative relationship between idiosyncratic volatility and next month performance is affected by the intensity of merger and acquisition (M&A) activity in the market. Our results show that the idiosyncratic volatility puzzle is stronger in periods of high M&A activity than in periods of low M&A activity. Further analysis shows that the negative relationship between idiosyncratic volatility and next month performance is the strongest in the high M&A activity sub-period spanning from 1982-1989. In contrast, M&A activity does not explain the negative relationship between the common factor in idiosyncratic volatility (CIV) and the next month’s performance. M&A activity can in part explain the idiosyncratic volatility puzzle, but it does not subsume the negative relationship between CIV exposure and firm returns.The third essay investigates how investor sentiment affects mergers and acquisitions. Our results show that periods of higher market sentiment are associated with a lower likelihood of observing a Cash-Only offer. We also find that for stock and mixed offers, periods of higher market sentiment are associated with lower bidder announcement returns, higher target bargaining power, and lower synergy. Our findings are consistent with Barker and Wu’s (2012) argument that associates periods of higher market sentiment with greater overpricing. These results are consistent with the argument that higher overpricing results in bidder firms opting for stock or mixed deals. However, this will also lead bidder investors to react more negatively to these non-cash offer announcements, target investors to bargain more if they are to be paid in stock (fully or partially), and the market to anticipate lower total synergy as the deal may be driven by the stock overpricing rather than the maximization of synergy. Next, we find that target firm runups are, on average, higher in periods of higher market sentiment. This relationship is not observed in the premium, which is unrelated to investor sentiment. The differing results of the runup and the premium is interesting as we expected to find a relationship between runup and premium similar to the markup pricing hypothesis of Schwert (1996). It appears that in periods of higher investor sentiment there is a higher runup potentially associated with the overreaction of optimistic investors. However, bidder firms’ management realize that this excessive runup is not an increase in the stand-alone value of the target firm and they price the deal accordingly.
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 on Mergers and Acquisitions by : Marcin Krolikowski
Download or read book Essays on Mergers and Acquisitions written by Marcin Krolikowski and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two essays that examine mergers and acquisitions. In the first essay we examine how pay-for-performance influences the quality of merger decisions before and after Sarbanes-Oxley (SOX). Pay-for performance has a significant positive effect on acquirer returns of 0.9% pre-SOX and 1.1% post-SOX around the three day event window. Bidders with high pay-for-performance pay a 23.3% lower merger premium in listed target acquisitions. The positive effect of pay-for-performance is more important for public target acquisitions overall, for small acquirers pre-SOX, and for large acquirers post-SOX. In the long-run, bidders with high pre-merger pay-for-performance experience 27.6% higher returns after controlling for other merger characteristic. In the second essay we investigate the value of customer/supplier relationships in mergers acquisitions. The findings show that targets (suppliers) with strong customer/supplier relationships obtain higher abnormal returns and higher merger premiums compared to targets with weak customer/supplier relationships. However, targets that have a strong connection with a customer have lower odds of being acquired. Acquirers that purchase targets with strong customer/supplier relationships have negative long-run abnormal returns, suggesting that the acquirers may have overpaid for such targets. Implications of customer/supplier relationships on customers, rivals and competing rivals are presented.
Book Synopsis Collection of Essays on Mergers and Acquisitions by : Karolina Ploskonka
Download or read book Collection of Essays on Mergers and Acquisitions written by Karolina Ploskonka and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Mergers and Acquisitions by : Anh Luong Tran
Download or read book Essays in Mergers and Acquisitions written by Anh Luong Tran and published by . This book was released on 2010 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Collection of Essays on Mergers & Acquisitions by : Karolina Ploskonka
Download or read book Collection of Essays on Mergers & Acquisitions written by Karolina Ploskonka and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Mergers and Acquisitions by : Jiayi Yuan
Download or read book Three Essays on Mergers and Acquisitions written by Jiayi Yuan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note is part of Quality testing.
