The Determining Factors in Mergers and Acquisitions

Les déterminants des fusions-acquisitions

Gautier Duflos () and Etienne Pfister ()
Additional contact information
Gautier Duflos: CES-Cachan - Centre d'économie de la Sorbonne-Cachan École Normale Supérieure Paris-Saclay - CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay - Partenaires INRAE, CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique
Etienne Pfister: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: This article considers the determinants of the corporate acquisitions made in the American pharmaceutical industry between 1978 and 2002. We seek to evaluate the robustness of the "pipeline gap" hypothesis through a larger, more exhaustive sample, and extend it to patent data. In line with the pipeline gap hypothesis, estimations from a Cox duration model show that the Tobin's q exerts a negative in?uence on the decision to acquire another pharmaceutical firm. On the other hand, several indicators of patent quality have a positive in?uence, indicating that acquiring firms also have a significant innovative potential.

Date: 2007
References: Add references at CitEc
Citations:

Published in Revue Economique, 2007, 58 (3), pp.577-586. ⟨10.3917/reco.583.0577⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00279413

DOI: 10.3917/reco.583.0577

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().