The Determining Factors in Mergers and Acquisitions

Les déterminants des fusions-acquisitions

Gautier Duflos () and Etienne Pfister ()
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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 - 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

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

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

DOI: 10.3917/reco.583.0577

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