全球智库信息集成服务系统(G2TT): DP16362 How Do Start-up Acquisitions Affect the Direction of Innovation?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16362
	DP16362 How Do Start-up Acquisitions Affect the Direction of Innovation?
	Esmée Dijk; José-Luis Moraga-González; Evgenia Motchenkova
发表日期	2021-07-15
出版年	2021
语种	英语
摘要	A start-up engages in an investment portfolio problem by choosing how much to invest in a “rival” project, which threatens the position of an existing incumbent, and a “non-rival” project. Anticipating its acquisition by the incumbent, the start-up strategically distorts its portfolio of projects to increase the (expected) acquisition rents. Depending on parameters, such a strategic distortion may result in an alignment or a misalignment of the direction in which innovation goes relative to what is socially optimal. Moreover, prohibiting acquisitions may increase or decrease consumer surplus. The more (less) the rival project threatens the incumbent and the less (more) the non-rival project appropriates the social surplus, the more likely is that consumers benefit (suffer) following an acquisition. These results are robust to acquisitions where the acquirer takes over the research facilities of the start-up.
主题	Industrial Organization
关键词	Start-ups Acquisitions Mergers Innovation portfolios Competition policy Antitrust
URL	https://cepr.org/publications/dp16362
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/545324
推荐引用方式 GB/T 7714	Esmée Dijk,José-Luis Moraga-González,Evgenia Motchenkova. DP16362 How Do Start-up Acquisitions Affect the Direction of Innovation?. 2021.