Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 364378
Title The role of Innovation in Merger Policy: Europe's efficiency defense versus America's Innovatoin Markets approach
Author(s) Cefis, E.; Grondsma, M.; Sabidussi, A.; Schenk, E.J.J.
Source Utrecht : Tsjalling C. Koopmans Research Institute, Utrecht University (Discussion paper series 07-21) - 38
Department(s) Business Management & Organisation
MGS
Publication type Scientific report
Publication year 2007
Keyword(s) economie - markteconomie - fusies - acquisitie - beoordeling - europese unie - vs - efficiëntie - firma's - bedrijven - innovaties - economics - market economics - mergers - acquisition - assessment - european union - usa - efficiency - firms - businesses - innovations
Categories Market Economy
Abstract Changes in the world’s economies and discussions in the literature about the growing importance of innovation to firms have given rise to a demand for expanding the analysis of merger policy. The present study focuses on the different criteria used to assess the impact of M&A activities on innovation. The analysis is both theoretical and empirical. From a theoretical perspective, two main approaches are discussed: the efficiency defense approach, adopted in Europe, and the innovation markets doctrine as developed in the United States. The present paper contributes to the literature by suggesting that an integration of the two approaches would significantly improve M&A assessment. On the empirical side, two cases that have been scrutinized by both the European Commission and the U.S. Federal Trade Commission are discussed. The results show the relevance of the different approaches used when dealing with innovation in the assessment of mergers.
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