Publicação

The impact of intangible assets on shareholder value in mergers and acquisitions

Detalhes bibliográficos
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.
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

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