Does innovation drive mergers and acquisitions in the financial sector?
针对金融部门缺乏传统创新衡量指标的问题，提出适用于金融企业的创新度量，基于美国金融交易数据，发现企业创新活动影响其成为收购方或目标方的可能性，且创新水平相近的企业更易发生并购，这种效应与更大的协同价值相关。
Abstract Does innovation drive mergers and acquisitions in the financial sector? This issue is challenging because classical measures of innovation are unavailable in the financial sector. Thus, we introduce an innovation measure that can be used for financial firms. Considering US financial deals, we highlight the impact of a financial firm's innovative activities on the likelihood of becoming an acquirer or a target. We detect a ‘like buys like’ effect, implying that financial mergers and acquisitions are more likely when firms are at a similar level of innovation. We further show that this effect is associated with greater synergistic value.