The market value spillovers of technological acquisitions: Evidence from patent‐text analysis

Research Summary The resource‐based view claims that bundles of resources are the key determinants of a firm's value. Yet, market value spillovers stemming from firms' resource bases have received scarce attention in the literature. This article provides evidence of such spillovers in the context of technological acquisitions. I hypothesize that acquisitions act as signals, revealing to investors that the acquired technologies are more valuable...