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The Human Capital Reallocation of M&As: Inventor-level Evidence

Wang, Luxi (2023) The Human Capital Reallocation of M&As: Inventor-level Evidence. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Abstract

Mergers and acquisitions (M&As) of innovative firms lead to a significant restructuring of the inventor labor force driven by abnormally high turnover for target firm inventors. Following the mergers, inventors in the combined entity (primarily acquiring-firm and newly-hired inventors) file more citation-weighted patents. Departing inventors also increase patenting productivity significantly, and the non-merging firms hiring these inventors improve patenting performance. Further, I use the state-level variation in the enforceability of non-compete agreements as an instrument for the firms hiring these inventors to establish the causal relationship of the spillover effect. Overall, these findings indicate that mergers have an economically important impact on the restructuring and productivity of the innovative labor force.

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Details

Item Type: University of Pittsburgh ETD
Status: Unpublished
Creators/Authors:
CreatorsEmailPitt UsernameORCID
Wang, Luxiluxi.wang@pitt.eduluw17
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairDenis, Daviddjdenis@pitt.edu
Committee MemberThomas, Shawnshthomas@katz.pitt.edu
Committee MemberLin, Lemingllin@katz.pitt.edu
Committee MemberKankanhalli, Gauravgkankanhalli@katz.pitt.edu
Committee MemberHanley, Douglasdoughanley@pitt.edu
Date: 29 June 2023
Date Type: Publication
Defense Date: 26 April 2023
Approval Date: 29 June 2023
Submission Date: 26 June 2023
Access Restriction: 2 year -- Restrict access to University of Pittsburgh for a period of 2 years.
Number of Pages: 116
Institution: University of Pittsburgh
Schools and Programs: College of Business Administration > Finance
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: Labor Restructuring, Human Capital, Innovation, Inventors, Mergers and Acquisitions
Date Deposited: 29 Jun 2023 15:52
Last Modified: 29 Jun 2023 15:52
URI: http://d-scholarship.pitt.edu/id/eprint/45044

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