| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29642 |
| 来源ID | Working Paper 29642 |
| How Do Top Acquirers Compare in Technology Mergers? New Evidence from an S&P Taxonomy | |
| Ginger Zhe Jin; Mario Leccese; Liad Wagman | |
| 发表日期 | 2022-01-17 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Some argue that large platforms, such as Alphabet/Google, Amazon, Apple, Facebook and Microsoft (or GAFAM), are unusual in their number, pace and concentration of technology mergers, with the potential to harm market competition. Using a unique taxonomy developed by S&P Global Market Intelligence, we compare the M&A activities of GAFAM to other top acquirers from 2010 to 2020. We find: (i) GAFAM completed more tech acquisitions per firm than other groups of top acquirers, and acquired younger and more consumer-facing firms on average. (ii) The top 25 private equity firms outpaced GAFAM in tech acquisitions per firm since 2018. (iii) GAFAM acquisitions are less concentrated across tech categories than other top acquirer groups, due, in part, to an “acquire-adjacent-and-then-expand” strategy. (iv) Over time, more and more GAFAM and other top acquirers acquire in the same categories. (v) No evidence suggesting that a GAFAM acquisition in a category, compared to similar categories without GAFAM acquisitions, is correlated with a slowdown in the number of new acquirers acquiring in that category. Overall, we find that technology acquisitions do not shield GAFAM from competition, at least not from other GAFAM members or other firms that acquire in the same categories. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Antitrust ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w29642 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587316 |
| 推荐引用方式 GB/T 7714 | Ginger Zhe Jin,Mario Leccese,Liad Wagman. How Do Top Acquirers Compare in Technology Mergers? New Evidence from an S&P Taxonomy. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29642.pdf（1230KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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