Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 31, 2023 erstellt
Description:
We study the effect of a two-to-one merger on R&D activity in a dynamic model in which there is uncertainty about the feasibility of innovation. Once an innovation has already taken place, the merger may block future innovations (cannibalization effect). The merger may increase the probability of the first innovation (appropriability effect). The merger may bring the first innovation forward in time (informational effect). The merger may increase innovation diversity (diversity effect)