报告题目：Corporate Innovations and Mergers and Acquisitions

报 告 人：University of British Columbia, Prof. Kai Li

时    间：2012年8月23日（星期四）上午10:30-12:00

地    点：贝斯特bst3344游戏  313  教室

Abstract

Using a large and unique patent-merger dataset over the period 1984-2006, we uncover a specific source of synergies—corporate innovation activities—that drives acquisitions. We first show that companies with large patent portfolios and low R&D expenses are more likely to be acquirers, while companies with high R&D expenses and slow growth in patent output are more likely to be acquired. Furthermore, the existence of technological overlap between any two firms has a positive and significant effect on merger pair formation. We then show that this positive effect is reduced for firm pairs that also overlap in product markets. Finally, using a quasi-experiment of withdrawn bids due to reasons exogenous to innovation, we show that mergers involving acquirers with prior technological linkage to their target firms produce significantly more patents after deal completion than acquirers without such linkage. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.

Education

PhD in Economics, University of Toronto.

MA in Economics, Concordia University.

BSc in International Business, School of Management, Jiaotong University.

Special Class for Gifted Young People, Jiaotong University.

Professional Employment Record

2008 - W.M. Young Professor of Finance, Professor.

2004 - 2005 Visiting Associate Professor of Finance, MIT Sloan School of Management

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2012年8月20日