Publicação
The impact of intangible assets on shareholder value in mergers and acquisitions
| Resumo: | I study how intangible assets influence the acquirer’s shareholder value in M&A transactions. Using an event study and a cross-sectional regression analysis, I analyze the impact of patents, R&D expenditures, and other intangible resources on cumulative abnormal returns after M&A announcements. Based on US transactions, I show that intangible assets, particularly patents, positively affect market reactions, while ongoing R&D projects are valued conservatively. Overall, these findings have implications for how disclosure of the target's patents, historical costs, and ongoing research projects can be used from the acquirer's perspective. |
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| Autores principais: | Golsong, Maximilian |
| Assunto: | Intangible assets Intellectual property Shareholder value Innovation in M&A Mergers and Acquisitions (M&A) Valuation of non-financial metrics |
| Ano: | 2025 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | I study how intangible assets influence the acquirer’s shareholder value in M&A transactions. Using an event study and a cross-sectional regression analysis, I analyze the impact of patents, R&D expenditures, and other intangible resources on cumulative abnormal returns after M&A announcements. Based on US transactions, I show that intangible assets, particularly patents, positively affect market reactions, while ongoing R&D projects are valued conservatively. Overall, these findings have implications for how disclosure of the target's patents, historical costs, and ongoing research projects can be used from the acquirer's perspective. |
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