Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/63821 
Year of Publication: 
2006
Series/Report no.: 
ETLA Discussion Papers No. 1025
Publisher: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Abstract: 
This study analyses how patent quality impacts the likelihood of acquisition. If a firm owns high quality or valuable patents, other firms may be interested in buying the firm to obtain the ownership of these patents. To proxy the quality of patents, we use both forward and backward citations. Moreover, our data enables us to distinguish between cross-border and domestic targets. Multinomial logit estimations show that owning patents correlates with becoming a target for a foreign firm. The same does not apply to targets for domestic firms. However, we do not find evidence that the quality of patents impacts the likelihood of becoming target for a domestic or a foreign firm.
Subjects: 
Acquisition, M&A, patent, quality, value, target, likelihood
JEL: 
F21
F23
G34
Document Type: 
Working Paper

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