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Divest to Acquire
In: Kelley School of Business Research Paper No. 2020-63
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Working paper
Activism and Empire Building
In: Journal of Financial Economics (JFE), Forthcoming
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Working paper
Private Equity in the Hospital Industry
In: European Corporate Governance Institute – Finance Working Paper No. 787/2021
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Going Public and the Internal Organization of the Firm
In: Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022
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R&D tax credits and the acquisition of startups
In: IWH discussion papers 2023, no. 15 (July 2023)
We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&D tax credits on firms' R&D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&D tax credits by acquiring startups rather than solely focusing on increasing their R&D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&D tax credits directly, perhaps because they typically lack the taxable income necessary to directly benefit from the tax credits. In this context, established firms can play an intermediary role by acquiring startups and reallocating R&D tax credits, effectively relaxing the financial constraints faced by startups.