دانلود مقاله ISI انگلیسی شماره 49344
ترجمه فارسی عنوان مقاله

پتانسیل برای سلب مالکیت از طریق قرارداد جوینت ونچر

عنوان انگلیسی
The potential for expropriation through joint ventures
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
49344 2007 16 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Review of Financial Economics, Volume 16, Issue 1, 2007, Pages 111–126

ترجمه کلمات کلیدی
سرمایه فکری؛ سرمایه گذاری مشترک؛ ادغام؛ هزینه های نمایندگی
کلمات کلیدی انگلیسی
G32Intellectual capital; Joint ventures; Mergers; Agency costs
پیش نمایش مقاله
پیش نمایش مقاله  پتانسیل برای سلب مالکیت از طریق قرارداد جوینت ونچر

چکیده انگلیسی

We examine the potential expropriation of a firm's intellectual capital that results from joint venture agreements when a firm's joint venture partner becomes the target of an acquisition attempt. We find that: (1) non-targeted joint venture partners often suffer losses in value upon the announcement of the acquisition; (2) the magnitude of the loss increases with the R&D intensity of the non-targeted joint venture partner; and (3) average bidder returns are less negative for acquirers if the affected joint venture partners report R&D spending and are in the same line of business as the acquirer. Our estimate of the average loss is $843 million per firm, roughly 3% of the non-targeted firm's pre-announcement equity value. Our evidence suggests a previously unrecognized merger motive in that joint ventures expose a firm's intellectual capital to the risk of expropriation.