Mergers and innovation portfolios
研究企业在不同盈利性和社会价值的研发项目组合中投资时，合并如何通过改变项目投资结构影响消费者福利，并可能超越传统的市场势力效应。
Abstract This article studies mergers in markets where firms invest in a portfolio of research projects of different profitability and social value. The investment of a firm in one project imposes both a negative business‐stealing and a positive business‐giving externality on the rival firms. We show that when the project that is relatively more profitable for the firms appropriates a larger (smaller) fraction of the social surplus, a merger increases (decreases) consumer welfare by reducing investment in the most profitable project and increasing investment in the alternative project. The innovation portfolio effects of mergers may dominate the usual market power effects.