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Please use this identifier to cite or link to this item: http://arks.princeton.edu/ark:/88435/dsp012v23vt56s
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dc.contributor.advisorFan, Jianqing-
dc.contributor.authorFeng, Christine-
dc.date.accessioned2014-07-16T18:03:41Z-
dc.date.available2014-07-16T18:03:41Z-
dc.date.created2014-04-14-
dc.date.issued2014-07-16-
dc.identifier.urihttp://arks.princeton.edu/ark:/88435/dsp012v23vt56s-
dc.description.abstractIn recent years, technology mergers and acquisitions (M&A) have played a large role in disrupting the technology industry and the U.S. stock market. The first part of this paper details how patents used as a proxy for technological assets increase the positive association between the firm's market value and research and development (R&D) spending in the event of an M&A transaction. The results indicate that the same holds true for non-technology firms. The second hypothesis concludes that a technology M&A transaction with high patent value negatively influences the effect of R&D spending on future profitability of a technology acquirer. For a non-technology acquirer, there is no impact on the future profitability of a firm. The third part studies technology M&A activity as a predictor for U.S. stock indices and treasury yields and finds that both daily deal value and deal volume for M&A transactions consistently positively impact the return of the NASDAQ, S&P 500, and NYSE. For treasury yields, the results indicate that the presence of M&A activity negatively impacts the yields of securities, especially ones with longer maturities.en_US
dc.format.extent102en_US
dc.language.isoen_USen_US
dc.titleExploring the Influence of Technology M&A through Patents, R&D Spending, and Market Valuationen_US
dc.typePrinceton University Senior Theses-
pu.date.classyear2014en_US
pu.departmentOperations Research and Financial Engineeringen_US
Appears in Collections:Operations Research and Financial Engineering, 2000-2023

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