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The Determining Factors in Mergers and Acquisitions
[Les déterminants des fusions-acquisitions]

Author

Listed:
  • 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-THEMA - 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 - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique - THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université)

  • 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)

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.

Suggested Citation

  • Gautier Duflos & Etienne Pfister, 2007. "The Determining Factors in Mergers and Acquisitions [Les déterminants des fusions-acquisitions]," Post-Print hal-00279413, HAL.
    • Handle: RePEc:hal:journl:hal-00279413
    DOI: 10.3917/reco.583.0577
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