Managing Uncertainty in a Formal Standards-Based Industry: A Real Options Perspective on Acquisition Timing
研究企业如何在正式技术标准制定前通过早期收购来降低不确定性，发现当收购方缺乏技术知识、目标公司拥有相关知识或收购方已有股权投资时，收购更可能发生在标准通过前。
Scholars have theorized that firms can intervene in the creation of formal technology standards to reduce uncertainty and influence the outcome to their advantage. One approach is through early acquisition: Firms can acquire targets with relevant technology prior to standardization. Using real options logic, the authors show how early acquisitions can be considered a growth option under certain circumstances. They find that acquisitions are more likely to occur before the passage of the standard when (a) acquirers lacked relevant technical knowledge, (b) target firms possessed relevant technical knowledge,and (c) acquirers had a prior equity investment in the target firm.