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SUMMARY:Seminar by Prof. Po-Hsuan Hsu\, University of Hong Kong
DTSTART:20170428T120000
DTEND:20170428T133000
DTSTAMP:20260916T182601Z
UID:ea291c115d573470fac00cea2a99cb80ad485326a1a5c9422daa6cad
CATEGORIES:Conferences - Seminars
DESCRIPTION:Prof. Po-Hsuan Hsu\, University of Hong Kong\n\n"The Oscar goe
 s to...: Peer pressure\, innovation competition\, and takeovers"\n\nAbstra
 ct\nIn this paper\, we examine how firms react to their competitors’ hig
 hly publicized achievements in product innovations. We use the renowned an
 nual R&D 100 Award granted by R&D Magazine since 1965\, which has come to 
 be known as the “Oscar of Innovation”\, to measure impactful product i
 nnovations by rival industry participants. We find that a firm’s propens
 ity to acquire another firm significantly increases following R&D awards w
 on by competitors. A causal interpretation of our finding is supported by 
 our use of the Uniform Trade Secrets Act (UTSA\; which exogenously enhance
 s trade secret protection at the state-level) as an instrumental variable\
 , propensity-score matched samples\, and comparing the differential effect
 s of winning an award vs. only being selected as a finalist. We also find 
 that this acquisition pattern is stronger for firms with greater industry 
 concentration\, more overconfident CEOs\, weaker governance\, and competit
 ors that do not advertise. These tests suggest that innovation peer pressu
 re drives some acquisitions.
LOCATION:EPFL\, ODY -1.0019.2 https://plan.epfl.ch/theme/generalite_thm_v2
 ?request_locale=fr&room=ODY%20-1%200019.2&domain=places&dim_floor=-1&lang=
 fr&dim_lang=fr&tree_groups=centres_nevralgiques%2Cacces%2Cmobilite_reduite
 %2Censei
STATUS:CONFIRMED
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