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Do higher levels of R&D intensity create more shareholder value in acquisitions? Evidence from high-tech targets and non-high-tech acquirers Student:

This study attempts to investigate the impacts of absorptive capacity as well as the knowledge level of target and acquirer on the creation of shareholder value for hightech targets and non-high-tech acquirers. The cumulative abnormal returns of acquirers will be analyzed taking into account the R&D intensities of players as well as their hightech classification. The study in this paper focuses on firms that are publicly listed in US. Model 1 finds a U-shaped relationship between the acquirer’s R&D intensity and the market response for deals involving high-tech targets. This indicates that acquirers with high levels of research intensity can create value from acquiring a high-tech target by assimilating and utilizing the new knowledge inflow. On the other hand, acquirers with low levels of R&D intensity can also benefit from acquiring a high-tech target by gaining access to the knowledge base and resources of the target. Model 2 discovers a negative relationship between target’s R&D intensity and a non-high-tech acquirer’s value creating potential from acquisitions. This indicates that there can be significant variables other than the target’s technological level in creating shareholder value for non-high-tech acquirers.