Suchergebnisse

This is the author accepted manuscript. The final version is available from Elsevier via the DOI in this record ; We examine the relation between acquirer and target firm ownership and the probability of a cross-border deal involving patents. By focusing on M&A deals involving intangible assets, we are better positioned to analyze technology sales. We show how different owners on the acquirer and the target side, and their relative position, are related to the decision to conduct a domestic versus cross-border transaction involving patent sales. We find that acquirer bank and fund ownership have very little association with cross-border M&A transactions involving patent sales. However, risk-averse family owners and insiders in an acquirer firm are negatively related to the probability if they are minority shareholders. In contrast, family owners and insiders have a positive association if they are the largest shareholder. We also illustrate how target owners shape cross-border M&A decisions. Family and fund owners in target firms are negatively related to the probability of a cross-border M&A transaction involving patent sales. This is attributable to the fact that the valuation of intangible assets can be overly complicated with foreign acquirers. Thus, target owners can likely secure better deals domestically. ; European Union Horizon 2020 ; National Science Center, Poland

This is the final version. Available on open access from Wiley via the DOI in this record ; We study the effect of public-to-private buyout transactions on investments in innovation using an international sample over the 1997-2017 period. We use patent counts and citations to proxy for the quantity, quality, and economic importance of innovation. Our results are based on time analysis and matched sample regressions. The data indicate that buyouts are associated with a significant reduction in patents and patent citations, including a reduction in radical (i.e., more scientific) patents. When we split the sample into institutional and management buyouts, the negative effect of buyouts is confirmed only for institutional buyouts. This suggests that only institutional buyouts prevent target firms from adopting long-term investments. This finding is confirmed by reductions in innovator employment and innovation efficiency subsequent to going private. Moreover, the data indicate that the negative effect is most prevalent for transactions where the cost of the deal's debt financing is higher than that of the debt postbuyout. We rule out some alternative explanations for these findings, including but not limited to outliers, truncation bias, and endogeneity. ; European Union Horizon 2020 ; National Science Center, Poland

This is the author accepted manuscript. The final version is available from Elsevier via the DOI in this record ; End-of-day stock price manipulation is generally associated with short-termism, long-term damage to equity values, and reduced incentives for employees to innovate. We use a sample of suspected stock price manipulation events based on intraday data for stocks from nine countries over eight years, and find evidence of negative effects of market manipulation on real investment decisions in innovation. We show that these negative effects are particularly harmful to innovation in markets with low intellectual property rights and high shareholder protection. ; European Union Horizon 2020 ; National Science Center, Poland