Strategic acquisitions and competition in the pharmaceutical and digital industries: evidence from the United States and the European Union
Granatiero, Francesco (A.A. 2024/2025) Strategic acquisitions and competition in the pharmaceutical and digital industries: evidence from the United States and the European Union. Tesi di Laurea in Advanced corporate finance, Luiss Guido Carli, relatore Pierluigi Murro, pp. 64. [Master's Degree Thesis]
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Abstract/Index
Literature review–strategic acquisitions and competition. Macro evidence on concentration and market power. Strategic acquisitions: motives, theories of harm and innovation. “killer acquisitions”. Sectoral evidence and ex-post studies: technology, pharmaceuticals, energy, agro-food, airlines, hospitals, beer and retail. Regional policy frameworks and trends. Research methods in competition assessment. Methodology. Event study analysis. Cross-sectional analysis of abnormal returns. Concentration effects. Innovation effects. Dataset. Empirical results. H1: strategic acquisitions in the technology and pharmaceutical sectors generate positive abnormal returns for acquirers, reflecting expected efficiency gains. H2: abnormal returns are systematically higher in the US than in the EU, consistent with differences in regulatory strictness. H3: the more acquisitions happen within a sector, the more concentrated that sector becomes over time. H4: acquisition intensity is negatively associated with innovation proxies (e.g., R&D expenditures relative to sales), especially in pharmaceuticals, where pipeline substitution is most pronounced.
References
Bibliografia: pp. 59-64.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree program in Corporate Finance, English language (LM-77) |
| Chair: | Advanced corporate finance |
| Thesis Supervisor: | Murro, Pierluigi |
| Thesis Co-Supervisor: | Altieri, Michela |
| Academic Year: | 2024/2025 |
| Session: | Autumn |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 27 Mar 2026 11:21 |
| Last Modified: | 27 Mar 2026 11:21 |
| URI: | https://tesi.luiss.it/id/eprint/45297 |
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