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Mergers And Innovation
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Book Synopsis Innovation Matters by : Richard J. Gilbert
Download or read book Innovation Matters written by Richard J. Gilbert and published by MIT Press. This book was released on 2020-07-14 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and available evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that price competition benefits consumers, and courts, antitrust agencies, and economists have developed tools for the quantitative evaluation of price impacts. Antitrust law does not preclude interventions to encourage innovation, but over time the interpretation of the laws has raised obstacles to enforcement policies for innovation. In this book, economist Richard Gilbert proposes a shift from price-centric to innovation-centric competition policy. Antitrust enforcement should be concerned with protecting incentives for innovation and preserving opportunities for dynamic, rather than static, competition. In a high-technology economy, Gilbert argues, innovation matters.
Book Synopsis Promoting Competition in Innovation Through Merger Control in the ICT Sector by : Kalpana Tyagi
Download or read book Promoting Competition in Innovation Through Merger Control in the ICT Sector written by Kalpana Tyagi and published by Springer. This book was released on 2020-08-14 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the question of how competition authorities assess mergers in the Information Communication Technology (ICT) sector so as to promote competition in innovation. A closer look at the question reveals that it is far more complex and difficult to answer for the ICT, telecommunications and multi-sided platform (MSP) economy than for more traditional sectors of the economy. This has led many scholars to re-think and question whether the current merger control framework is suitable for the ICT sector, which is often also referred to as the new economy. The book pursues an interdisciplinary approach combining insights from law, economics and corporate strategy. Further, it has a comparative dimension, as it discusses the practices of the US, the EU and, wherever relevant, of other competition authorities from around the globe. Considering that the research was conducted in the EU, the practices of the European Commission remain a key aspect of the content.Considering its normative dimension, the book concentrates on the substantive aspects of merger control. To facilitate a better understanding of the most important points, the book also offers a brief overview of the procedural aspects of merger control in the EU, the US and the UK, and discusses recent amendments to Austrian and German law regarding the notification threshold. Given its scope, the book offers an invaluable guide for competition law scholars, practitioners in the field, and competition authorities worldwide.
Book Synopsis The Economics of Corporate Governance and Mergers by : K. Gugler
Download or read book The Economics of Corporate Governance and Mergers written by K. Gugler and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.
Book Synopsis Mergers in Innovation Competition by : Claus van der Velden
Download or read book Mergers in Innovation Competition written by Claus van der Velden and published by Deutscher Universitätsverlag. This book was released on 2005-04-28 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claus van der Velden analyses various strategic aspects of mergers by applying microeconomic models of patent contests. He draws attention to the effects of mergers on the willingness to invest in R&D and on innovation profitability and shows that the organization of the R&D activities after a merger has a significant impact on the transaction's profitability. The study also considers the consequences of knowledge spillovers in innovation processes for R&D costs and thus for a merger's outcome.
Book Synopsis The Rate and Direction of Inventive Activity Revisited by : Josh Lerner
Download or read book The Rate and Direction of Inventive Activity Revisited written by Josh Lerner and published by University of Chicago Press. This book was released on 2012-04-15 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers contributions to questions relating to the economics of innovation and technological change. Central to the development of new technologies are institutional environments and among the topics discussed are the roles played by universities and the ways in which the allocation of funds affects innovation.
Book Synopsis Mergers and Productivity by : Steven N. Kaplan
Download or read book Mergers and Productivity written by Steven N. Kaplan and published by University of Chicago Press. This book was released on 2007-12-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.
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 Mastering the Merger by : David Harding
Download or read book Mastering the Merger written by David Harding and published by Harvard Business Press. This book was released on 2004-11-04 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's corporate deal makers face a conundrum: Though 70% of major acquisitions fail, it's nearly impossible to build a world-class company without doing deals. In Mastering the Merger, David Harding and Sam Rovit argue that a laserlike focus on just four key imperatives--before executives finalize the deal--can dramatically improve the odds of M&A success. Based on more than 30 years of in-the-trenches work on thousands of deals across a range of industries--and supplemented by extensive Bain & Co. research--Harding and Rovit reveal that the best M&A performers channel their efforts into (1) targeting deals that advance the core business; (2) determining which deals to close and when to walk away; (3) identifying where to integrate--and where not to; and (4) developing contingency plans for when deals inevitably stray. Top deal makers also favor a succession of smaller deals over complex "megamergers"--and essentially institutionalize a success formula over time. Helping executives zero in on what matters most in the complex world of M&A, Mastering the Merger offers a blueprint for the decisions and strategies that will beat the odds.
Book Synopsis Mergers in Innovation Competition by : Claus van der Velden
Download or read book Mergers in Innovation Competition written by Claus van der Velden and published by Deutscher Universitätsverlag. This book was released on 2005-05-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claus van der Velden analyses various strategic aspects of mergers by applying microeconomic models of patent contests. He draws attention to the effects of mergers on the willingness to invest in R&D and on innovation profitability and shows that the organization of the R&D activities after a merger has a significant impact on the transaction's profitability. The study also considers the consequences of knowledge spillovers in innovation processes for R&D costs and thus for a merger's outcome.
Book Synopsis Industrial Organization by : Paul Belleflamme
Download or read book Industrial Organization written by Paul Belleflamme and published by Cambridge University Press. This book was released on 2010-01-07 with total page 725 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial Organization: Markets and Strategies provides an up-to-date account of modern industrial organization that blends theory with real-world applications. Written in a clear and accessible style, it acquaints the reader with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. It covers a wide range of topics including recent developments on product bundling, branding strategies, restrictions in vertical supply relationships, intellectual property protection, and two-sided markets, to name just a few. Models are presented in detail and the main results are summarized as lessons. Formal theory is complemented throughout by real-world cases that show students how it applies to actual organizational settings. The book is accompanied by a website containing a number of additional resources for lecturers and students, including exercises, answers to review questions, case material and slides.
Book Synopsis Mergers and Innovation by : Mahdiyeh Entezarkheir
Download or read book Mergers and Innovation written by Mahdiyeh Entezarkheir and published by . This book was released on 2018 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers lead to larger firms and a less competitive market structure, but their effects on innovation are not clear. Mergers may improve innovation incentives by promoting economies of scope and scale, R &D activities, and increasing the ability to deal with uncertainties. However, mergers may also discourage innovation by reducing competition, increasing costs, and decreasing production and R &D efficiencies. In this study, we investigate merger impacts on innovation using a panel data consisting of four different data sets on publicly traded U.S. manufacturing firms from 1980 to 2003. Our proxy for innovation is based on citation-weighted patent stocks. In our estimation model, we control for endogeneity using instrumental variables and factors such as market share, size, industry, and time. We find that mergers are positively and significantly correlated with firms' innovation. Our findings also indicate that merger effect on innovation is heterogeneous across industries, increases with market share, and is greater in the long run. Our findings are robust to alternative measures of innovation.
Book Synopsis Mergers and Acquisitions by : David R. King
Download or read book Mergers and Acquisitions written by David R. King and published by Routledge. This book was released on 2018-10-30 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of identifying and evaluating a target firm, completing a deal after its negotiation and announcement, and then integrating a target firm after legal combination is a multi-year process with uncertain returns to acquiring firms. Research on mergers and acquisitions (M&As) is progressing rapidly yet it remains fragmented across multiple research perspectives that largely examine different acquisition phases separately and coincide with a focus on different research variables. As a result, research fragmentation means that a researcher in one area may be unaware of research from related areas that is likely relevant. This contributes to research silos with M&A research displaying different traditions, starting points, and assumptions. Mergers and Acquisitions: A Research Overview summarizes the frontier in M&A research and provides insights into where it can be expanded. It undertakes the needed integration and reconciliation of research in order to derive practical knowledge for managing acquisitions from beginning to end, providing a summary of what is known and its implications for future research. This concise overview reconciles and integrates the state of the art in our understanding of mergers and acquisitions, providing an essential first stopping point in the research journey of students and scholars working in this area.
Download or read book Innovation Accounting written by Dan Toma and published by Bis Publishers. This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currently, there is no official method for how to measure innovation in business. This is where Innovation Accounting comes in. This book helps businesses to develop their level of capability and performance within innovation and accounting. This guide provides examples of tools, templates, and frameworks that businesses can utilize to improve their business culture, inspire innovation, and find a way to measure innovation. In a world where numbers, statistics, and analytics are increasingly becoming the most important aspect of everyday business, this book can help to find meaning in innovative practices and measure them. This will allow you to demonstrate to stakeholders how capital is used, and the impact it has on the business. So whether you're managing a lean startup aiming to meet a particularly difficult to meet KPI, or a corporation aiming to replicate the level of success you achieved in your most recent financial quarter, this book will contain something for everyone.
Book Synopsis Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law by : Richard S. Markovits
Download or read book Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law written by Richard S. Markovits and published by Springer. This book was released on 2016-08-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume (1) defines the specific-anticompetitive-intent, lessening-competition, distorting-competition, and exploitative-abuse tests of illegality promulgated by U.S. and/or E.U. antitrust law, (2) compares the efficiency defenses promulgated by U.S. and E.U. antitrust law, (3) compares the conduct-coverage of the various U.S. and E.U. antitrust laws, (4) defines price competition and quality-or-variety-increasing-investment (QV-investment) competition and explains why they should be analyzed separately, (5) defines the components of individualized-pricing and across-the-board-pricing sellers’ price minus marginal cost gaps and analyses each’s determinants, (6) defines the determinants of the intensity of QV-investment competition and explains how they determine that intensity, (7) demonstrates that definitions of both classical and antitrust markets are inevitably arbitrary, not just at their periphery but comprehensively, (8) criticizes the various protocols for market definition recommended/used by scholars, the U.S. antitrust agencies, the European Commission, and U.S. and E.U. courts, (9) explains that a firm’s economic (market) power or dominance depends on its power over both price and QV investment and demonstrates that, even if markets could be defined non-arbitrarily, a firm’s economic power could not be predicted from its market share, (10) articulates a definition of “oligopolistic conduct” that some economists have implicitly used–conduct whose perpetrator-perceived ex ante profitability depended critically on the perpetrator’s belief that its rivals’ responses would be affected by their belief that it could react to their responses, distinguishes two types of such conduct–contrived and natural–by whether it entails anticompetitive threats and/or offers, explains why this distinction is critical under U.S. but not E.U. antitrust law, analyzes the profitability of each kind of oligopolistic conduct, examines these analyses’ implications for each’s antitrust legality, and criticizes related U.S. and E.U. case-law and doctrine and scholarly positions (e.g., on the evidence that establishes the illegal oligopolistic character of pricing), and (11) executes parallel analyses of predatory conduct--e.g., criticizes various arguments for the inevitable unprofitability of predatory pricing, the various tests that economists/U.S. courts advocate using/use to determine whether pricing is predatory, and two analyses by economists of the conditions under which QV investment and systems rivalry are predatory and examines the conditions under which production-process research, plant-modernization, and long-term full-requirements contracts are predatory.
Book Synopsis Horizontal Mergers and Innovation in Concentrated Industries by : Brett Hollenbeck
Download or read book Horizontal Mergers and Innovation in Concentrated Industries written by Brett Hollenbeck and published by . This book was released on 2020 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is an open question in antitrust economics whether allowing dominant firms to acquire smaller rivals is ultimately helpful or harmful to the long run rate of innovation and therefore long-term consumer welfare. I develop a framework to study this question in a dynamic oligopoly model where firms endogenously investment, entry, exit and engage in mergers. Firms produce vertically differentiated goods, compete by innovating on product quality, and can acquire rival firms to gain market power. In a benchmark model, mergers are modeled to be exclusively harmful to consumers in the short run by reducing competition and increasing prices. Despite this, under standard industry settings it is possible to show that the prospect of a buyout creates a powerful incentive for firms to preemptively enter the industry and invest to make themselves an attractive merger partner. The result is significantly higher rate of innovation with mergers than without and significantly higher long-run consumer welfare as well. Further results explore the circumstances under which this result is likely to hold. In order for the long run increase in innovation to outweigh the short run harm to consumers caused by mergers, entry costs must be low, entrants and incumbents must both have the ability to innovate rapidly, and the degree of horizontal product differentiation must be low. Alternatively, when dominant firms can directly incorporate the acquired firm's innovation into their own product, mergers will typically benefit consumers in both the short run and long run.
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 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Colombo, P.
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 Limited. This book was released on 2016-10-24 with total page 0 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.
