Technological Innovation and Acquisitions
研究技术创新是否驱动企业收购决策，以及收购（或收购失败）如何影响后续创新。发现收购方在收购前创新较少且常下滑；成功收购后创新未落后，失败则显著落后；原先创新较少的收购方获益更多。
I examine whether technological innovation is a motivating factor in firms' acquisition decisions and how an acquisition (or an acquisition withdrawal) affects technological innovation in subsequent years. I find that firms engaging in acquisition activities are less innovative and have often experienced declines in technological innovation during the years prior to the bid. Among the bidders, the relatively more innovative ones are less likely to complete a deal. During the three years after the bid, successful bidders do not underperform matching firms, whereas failed bidders significantly underperform their nonbidding peers. I further find that formerly less innovative bidders benefit more from acquisitions. These findings suggest that technological innovation affects firms' acquisition decisions, and in turn, acquisitions help firms' innovation efforts.