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Zonder onderwerpscode: economie

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This research paper examines the post-merger innovation incentives of acquiring firms in the pharmaceutical industry. Three measures of innovation are considered: R&D intensity, R&D growth and patent intensity. The latter denotes innovation output, while the first two measures are a proxy for innovation input. Moreover, we investigate whether the post-merger effect on the selected innovation measures depends on the target firm size. The analysis is conducted using a data sample of 81 pharmaceutical firms participating in M&A for the period 2010-2015. Our empirical strategy makes use of both fixed-effects and difference-in-difference regressions. One out of three hypotheses received support, with results showing that M&A have a negative impact on innovation output, measured by patent intensity. This indicates that the acquired technologies are not exploited to their full extent after the completion of the deal, resulting in a diminution of the long-term innovativeness of the acquiring firm.

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After the five great waves of mergers and acquisitions (M&A), remarkable M&A activity continued on into the 21st century. Recently, the importance of cross-border M&A has increased, opening up new markets and new knowledge bases to firms. Do firms that merge internationally reap the benefits of diversification and gaining access to new resources, or are they rather impaired by heightened M&A costs and integration difficulties? Our analysis compares innovativeness between firms engaging in national and international mergers by investigating innovation inputs (as measured by R&D intensity) in a linear fixed effects regression model and innovation outputs (as measured by patent counts) in a Poisson pseudo-maximum likelihood model with fixed effects. In our general data set, we find few significant differences between domestic and cross- border mergers. In fact, there is little significant impact of either type of merger on innovation inputs or outputs.

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This paper deals with discussing the European Leniency Notice: the major changes, its goal, adverse effects, etc. Looking at the design of the current European Leniency Notice, the paper provides a framework in which it recommends some extensions: the usa