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Horizontal Minority Stake Acquisitions and Patent Activity

Author

Listed:
  • Feyler, Emilie
  • Heim, Sven
  • Szücs, Florian
  • Spiegel, Yossi

Abstract

We study the effect of horizontal minority stake acquisitions on firms’ innovation incentives and patenting behavior. Using patent data from 34 countries between 2001 and 2019, we employ a staggered, matching-based difference-in-differences approach, complemented by an event study. We find that such acquisitions lead to a decline in both the number of patents granted and the number of citations received, indicating a reduction in innovation activity. These results suggest that horizontal minority acquisitions can serve as a mechanism to soften rivalry, not only in product markets, but also in innovation.

Suggested Citation

  • Feyler, Emilie & Heim, Sven & Szücs, Florian & Spiegel, Yossi, 2025. "Horizontal Minority Stake Acquisitions and Patent Activity," CEPR Discussion Papers 20917, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:20917
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    File URL: https://cepr.org/publications/DP20917
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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