tailieunhanh - ramp d activity and acquisitions in high technology industries

Tham khảo sách 'ramp d activity and acquisitions in high technology industries', kỹ thuật - công nghệ, cơ khí - chế tạo máy phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | R D Activity and Acquisitions in High Technology Industries Evidence from the ILS. Electronic and Electrical Equipment Industries Bruce A. Blonigen Department of Economics 12X5 University of Oregon Eugene OR 97403-12X5 brvceb@ 541 3464680 Christopher T. Taylor Antitrust Division Bureau of Economics Federal Trade Commission Washington DC 20580 ctaylor@ 202 326-2997 Abstract Theory argues that R D intensity and acquisition activity may be either directly or inversely related. However empirically wc know relatively little about which linns are responsible for acquisition activity in high-technology industries. Using a panel of 217 . electronic and electrical equipment films from 1985-93 and limited dependent variable estimation techniques. we find relatively low R D intensity firms are more likely to acquire. This result is roe both when looking at between aixl within estimators. indicating that acquisitions may be used as a short termor long term strategy. Ihesc results are robust to a number of sensitivity lest. JEl. Classification 1 21 We thank Lee Branstetter Shane Greenstein Bronwyn Hall. Carol Horton Tremblay. Wes Wilson David Schimmelpfennig. Scott Stern anonymous referees and participants al the NBER conference Cotnpe iỊịoH and OrganiMiitm in Technology JfUcnshe hỉduvncỸ and Western Economic Association inertings for useful comments atxl suggestions. We would also like to thank Janies Mcbring for valuable research assistance. The views expressed herein are those of the authors and do not represent the views of the Federal Trade Commission or any individual Commissioner. Any errors or omissions arc the responsibility of the authors. I Introduction R D activity and innovation have taken center stage in economic analysis of high-technology industries. A number of papers including Dasgupta and Stiglitz 1 981 . Reinganum 1985 and Jovanovic and MacDonald Í 1994a 1994b model and simulate industry evolution through patterns of .