%0 Journal Article %1 Lehmann2011 %A Lehmann, Erik E. %A Braun, Thorsten V. %A Krispin, Sebastian %D 2011 %J The Journal of Technology Transfer %K High-tech \& acquisitions,Ownership changes,Mergers firms,Matching of ownership rights,Technology structure,Property theory transfer %R 10.1007/s10961-011-9225-8 %T Entrepreneurial human capital, complementary assets, and takeover probability %U http://www.springerlink.com/index/10.1007/s10961-011-9225-8 %X Although acquisitions of high-tech entrepreneurial firms are of great popularity within the technology transfer process, the limited empirical evidence on this type of technology transfer shows that these acquisitions often lead to dismal results in that a large number of acquired key inventors leave their companies after an acquisition and those that remain exhibit poor performance. This study aims at explaining this phenomenon and adds additional empirical results and explanations to the matching theory of ownership changes. Using a hand collected dataset of all German IPOs from 1997 until 2006, this study shows that the probability of ownership in a young and high-tech firm’s assets being reallocated by means of a takeover significantly decreases with the amount of intangible and com- plementary assets that are owned by the owner-manager.

@article{Lehmann2011, abstract = {Although acquisitions of high-tech entrepreneurial firms are of great popularity within the technology transfer process, the limited empirical evidence on this type of technology transfer shows that these acquisitions often lead to dismal results in that a large number of acquired key inventors leave their companies after an acquisition and those that remain exhibit poor performance. This study aims at explaining this phenomenon and adds additional empirical results and explanations to the matching theory of ownership changes. Using a hand collected dataset of all German IPOs from 1997 until 2006, this study shows that the probability of ownership in a young and high-tech firm’s assets being reallocated by means of a takeover significantly decreases with the amount of intangible and com- plementary assets that are owned by the owner-manager.}, added-at = {2012-02-27T06:11:36.000+0100}, author = {Lehmann, Erik E. and Braun, Thorsten V. and Krispin, Sebastian}, biburl = {https://www.bibsonomy.org/bibtex/2f596b1aece288481617e83f657236090/kamil205}, doi = {10.1007/s10961-011-9225-8}, file = {:Users/Miguel/Dropbox/Escola/Artigos/Lehmann, Braun, Krispin\_2011\_Entrepreneurial human capital, complementary assets, and takeover probability.pdf:pdf}, interhash = {d68b8058be97571e069a0cb17c4ef354}, intrahash = {f596b1aece288481617e83f657236090}, issn = {0892-9912}, journal = {The Journal of Technology Transfer}, keywords = {High-tech \& acquisitions,Ownership changes,Mergers firms,Matching of ownership rights,Technology structure,Property theory transfer}, month = jun, timestamp = {2012-02-27T06:11:44.000+0100}, title = {{Entrepreneurial human capital, complementary assets, and takeover probability}}, url = {http://www.springerlink.com/index/10.1007/s10961-011-9225-8}, year = 2011 }