Finance and Economics Discussion Series: Data for paper 000971
♣
Mergers and Sequential Innovation: Evidence from Patent Citations
Jessica C. Stahl
Figure 1: Predicted Internal Citations as a Function of Years Since Merger. Full Sample of Mergers
| Years since merger |
Predicted Internal Cites |
| -15 |
0.14 |
| -14 |
0.15 |
| -13 |
0.11 |
| -12 |
|
| -11 |
0.19 |
| -10 |
0.18 |
| -9 |
0.215 |
| -8 |
|
| -7 |
0.25 |
| -6 |
|
| -5 |
0.35 |
| -4 |
0.365 |
| -3 |
0.405 |
| -2 |
0.355 |
| -1 |
0.365 |
| |
0.415 |
| 1 |
0.32 |
| 2 |
0.3 |
| 3 |
0.32 |
| 4 |
0.29 |
| 5 |
0.3 |
| 6 |
0.36 |
| 7 |
0.325 |
| 8 |
0.15 |
| 9 |
0.26 |
| 10 |
|
| 11 |
0.12 |
| 12 |
0.095 |
| 13 |
0.09 |
| 14 |
0.08 |
| 15 |
0.075 |
Figure 2: Predicted Internal Citations as a Function of Years Since Merger. Mergers in Chemical Industry (137 Mergers)
| |
|
| Years since merger |
Predicted Internal Cites |
| -10 |
0.05 |
| -9 |
0.09 |
| -8 |
0.16 |
| -7 |
0.2 |
| -6 |
0.17 |
| -5 |
0.29 |
| -4 |
0.3 |
| -3 |
0.36 |
| -2 |
0.32 |
| -1 |
0.325 |
| |
0.49 |
| 1 |
0.76 |
| 2 |
0.4 |
| 3 |
0.44 |
| 4 |
0.385 |
| 5 |
0.445 |
| 6 |
0.64 |
| 7 |
0.76 |
| 8 |
0.27 |
| 9 |
0.84 |
| 10 |
0.56 |
Figure 3: Predicted Internal Citations as a Function of Years Since Merger. Mergers in Electrical Equipment Industry (141 Mergers)
| Years since merger |
Predicted Internal Cites |
| -10 |
0.23 |
| -9 |
0.18 |
| -8 |
0.195 |
| -7 |
0.24 |
| -6 |
0.29 |
| -5 |
0.33 |
| -4 |
0.43 |
| -3 |
0.518 |
| -2 |
0.43 |
| -1 |
0.527 |
| |
0.515 |
| 1 |
0.3 |
| 2 |
0.32 |
| 3 |
0.28 |
| 4 |
0.382 |
| 5 |
0.345 |
| 6 |
0.4 |
| 7 |
0.41 |
| 8 |
0.28 |
| 9 |
0.44 |
| 10 |
0.14 |
Figure 4: Predicted Internal Citations as a Function of Years Since Merger. Mergers in Industrial and Computer Equipment Industry (128 Mergers)
| Years since merger |
Predicted Internal Cites |
| -10 |
0.31 |
| -9 |
0.28 |
| -8 |
0.375 |
| -7 |
0.34 |
| -6 |
0.36 |
| -5 |
0.52 |
| -4 |
0.41 |
| -3 |
0.53 |
| -2 |
0.413 |
| -1 |
0.585 |
| |
0.415 |
| 1 |
0.263 |
| 2 |
0.38 |
| 3 |
0.37 |
| 4 |
0.23 |
| 5 |
0.3 |
| 6 |
0.2 |
| 7 |
0.225 |
| 8 |
0.195 |
| 9 |
0.255 |
| 10 |
0.38 |
Figure 5: Predicted Internal Citations as a Function of Years Since Merger. Mergers in Medical Instrument Industry (128 Mergers)
| Years since merger |
Predicted Internal Cites |
| -10 |
0.05 |
| -9 |
0.088 |
| -8 |
0.16 |
| -7 |
0.193 |
| -6 |
0.27 |
| -5 |
0.39 |
| -4 |
0.38 |
| -3 |
0.523 |
| -2 |
0.34 |
| -1 |
0.515 |
| |
0.54 |
| 1 |
0.39 |
| 2 |
0.2 |
| 3 |
0.198 |
| 4 |
0.223 |
| 5 |
0.2 |
| 6 |
0.17 |
| 7 |
0.23 |
| 8 |
0.15 |
| 9 |
0.26 |
| 10 |
0.405 |