R&D and the Incentives from Merger and Acquisition Activity
---- Acknowledgements ----
Phillips was supported by NSF grant #0965328. We would like to thank the editor, Andrew Karolyi and two anonymous referees who substantially improved the paper, Ulf Axelson, Denis Gromb, Naveen Khanna, Erwan Morellec, Urs Peyer, Adriano Rampini, Matthew Rhodes-Kropf, Merih Sevilir, Rajdeep Singh, Tony Whited and seminar participants at Boston University, HKUST, Insead, the University of Lausanne, the University of New South Wales, Tsinghua University, the 2011 Duke/UNC corporate finance conference, the 2011 Paris Corporate Finance conference, the 2011 Western Finance Association and the 2011 UBC summer conference for helpful comments and discussion. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.