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Mergers and innovation: Evidence from the hard disk drive market
journal contribution
posted on 2021-07-02, 08:30 authored by Anna Rita BennatoAnna Rita Bennato, Stephen Davies, Franco Mariuzzo, Peter OrmosiThis paper is a retrospective evaluation of how innovation changed following mergers and
subsequent policy interventions after the 5-to-3 consolidation of the worldwide hard disk
drive industry in 2012. It adopts a holistic view of innovation, employing four different
measures: R&D, patents, the number of new models, and their unit prices. This allows us to
distinguish the magnitude of the merging parties innovative efforts from the productivity
of those efforts. Our firm-level approach confirms that there is important heterogeneity
across the players, which we attribute to differences in the severity of remedies required
by competition authorities.
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