| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18346 |
| 来源ID | Working Paper 18346 |
| R&D and the Incentives from Merger and Acquisition Activity | |
| Gordon M. Phillips; Alexei Zhdanov | |
| 发表日期 | 2012-08-31 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in an "R&D race" with small firms, as they can obtain access to innovation through acquisition. Our model and evidence show that the R&D responsiveness of firms increases with demand, competition and industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w18346 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576022 |
| 推荐引用方式 GB/T 7714 | Gordon M. Phillips,Alexei Zhdanov. R&D and the Incentives from Merger and Acquisition Activity. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18346.pdf（450KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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