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The impact of intangible assets on shareholder value in mergers and acquisitions
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Orientador(es)
Resumo(s)
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.
Descrição
Palavras-chave
Intangible assets Intellectual property Shareholder value Innovation in M&A Mergers and Acquisitions (M&A) Valuation of non-financial metrics