Unpatented innovation and merger synergies

被引:3
|
作者
Beneish, M. D. [1 ]
Harvey, C. R. [2 ,3 ]
Tseng, A. [1 ]
Vorst, P. [4 ]
机构
[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA
[2] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA
[3] Natl Bur Econ Res, Cambridge, MA 02138 USA
[4] Maastricht Univ, Sch Business & Econ, Maastricht, Netherlands
关键词
Intellectual property; Intangibles; R&D; Technology; Non-patented innovation; Trade secrets; Innovation; Purchase price allocations; Acquisitions; Mergers; Synergies; RESEARCH-AND-DEVELOPMENT; INTELLECTUAL PROPERTY; OPERATING PERFORMANCE; STOCK-MARKET; CREATE VALUE; FIRM SIZE; INFORMATION; RETURNS; PATENT; ACQUISITIONS;
D O I
10.1007/s11142-021-09613-9
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
The increasingly service-based U.S. economy relies on innovation. While there is considerable research on the importance of certain innovative activities, such as patents, less attention has been paid to unpatented innovation, about which there is naturally less publicly available information. Our study exploits disclosure on the fair value of acquired innovation to show that unpatented innovation plays an important, though often ignored, role in merger value creation. We detail the importance of unpatented technology and show that traditional approaches that rely only on R&D expenditures and patents lead to both misclassification of merger types and underestimates of the impact of innovation in value creation. Our evidence suggests that, on average, unpatented innovation accounts for a larger portion of synergies. We further show that higher (lower) gains accrue to the acquirer (the target) in relation to unpatented innovation, consistent with limited publicly available information about unpatented innovation reducing the target's bargaining power.
引用
收藏
页码:706 / 744
页数:39
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