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Do Microsoft acquisitions benefit the computer industry?
DOI:10.2469/faj.v58.n4.2451.png)
摘要
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We examined whether acquisitions by Microsoft Corporation affect the stock prices of its competitors in the computer industry. We found that Microsoft's acquisitions in the Internet/online-services segment adversely affect the stock prices of the Internet/online-services rival portfolio. These competitors appear to be threatened by Microsoft's moves-anticompetitive or otherwise-to further its industry leadership and affirm the future success of the targets' technologies. Furthermore, the results of our study do not indicate that the financial market perceives Microsoft's operating-system acquisitions to be instrumental in achieving synergies from Microsoft's dominant role in the operating-system segment to the detriment of its Internet/online-services rivals. Indeed, we found the portfolio of Internet/online-services rivals to respond favorably to Microsoft's operating-system acquisitions, perhaps because Microsoft is essentially diverting resources away from the Internet/online-services segment.
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