| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29174 |
| 来源ID | Working Paper 29174 |
| Specialized Investments and Firms\u2019 Boundaries: Evidence from Textual Analysis of Patents | |
| Jan Bena; Isil Erel; Daisy Wang; Michael S. Weisbach | |
| 发表日期 | 2021-08-23 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Inducing firms to make specialized investments through bilateral contracts can be challenging because of potential hold- up problems. Such contracting difficulties have long been argued to be an important reason for acquisitions. To evaluate the extent to which this motivation leads to mergers, we perform a textual analysis of the patents filed by the same lead inventors of the target firms before and after the mergers. We find that patents of inventors from target firms become 28.9% to 46.8% more specific to those of acquirers’ inventors following completed mergers, benchmarked against patents filed by targets and a group of counterfactual acquirers. This pattern is stronger for vertical mergers that are likely to require specialized investments. There is no change in the specificity of patents for mergers that are announced but not consummated. Overall, we provide empirical evidence that contracting issues in motivating specialized investment can be a motive for acquisitions. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w29174 |
| 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/586846 |
| 推荐引用方式 GB/T 7714 | Jan Bena,Isil Erel,Daisy Wang,et al. Specialized Investments and Firms\u2019 Boundaries: Evidence from Textual Analysis of Patents. 2021. |
| 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 | ||
| w29174.pdf（699KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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