作者：Grimpe, Christoph; Hussinger, Katrin
作者单位：Copenhagen Business School; Lund University; University of Luxembourg; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); KU Leuven
摘要：Extant literature holds that firm acquisitions create value through innovation if the knowledge bases of the acquirer and the target complement each other. Little is known about the value that patents associated with a target's knowledge convey to the acquirer, i.e., their value in securing market exclusion and freedom to operate in R&D. We argue that such property rights hold preemptive power allowing firms to capture the value from combining complementary technologies and to realize gains fr...
