Investors\u27 Reactions to Alliance-Engendered Acquisition Ambiguity: Evidence from US Technology Deals

We study how, when target firms are engaged in strategic alliances, the ambiguity surrounding an acquisition\u27s anticipated synergies influences investors\u27 reactions to announcements of acquisitions. Drawing on behavioural finance research and the resource redeployment literature, we predict that investors\u27 limited access to the information encoded in the target firms\u27 alliances and the uncertainty around the re-deployability of their embedded resources generate a negative relationship between the number of target alliances and investors\u27 reactions. We also hypothesize that this negative effect is exacerbated when the alliances involve foreign alliance partners but is attenuated when acquirers are experienced in acquiring targets with alliances. Analysis of a large sample of US technology acquisitions supports all our hypotheses. We contribute to management research by offering a viable explanation of investors\u27 reactions to the announcement of major corporate events, such as acquisitions, whose structural characteristics deny investors material information about these events\u27 potential to create value

Social Movements and Institutional Entrepreneurship as Facilitators of Technology Transition: The Case of Free/Open-Source Software

We integrate insights from the literature on social movements and institutional entrepreneurship into the strategic niche management (SNM) and multilevel perspective (MLP) frameworks to understand the emergence of Linux, a free/open-source operating system, in a regime dominated by proprietary operating systems such as Unix and Windows NT. Employing a “microhistories” methodology, we document how actors in the free/open-source movement took steps that enabled an alternate technological niche to form, gain momentum and eventually infiltrate the extant regime. Our account delineates the key role that actors play in shaping the identity of a niche, amplifying its presence, and finally mainstreaming it. We observe a heterogenous response by incumbents to the emergent niche and highlight the sustained coexistence of a niche and regime as a distinct form of technological transition. Finally, we demonstrate the significant impact that a niche can have, spanning beyond the targeted regime, and becoming part of the landscape. Our insights highlight how tracing the processes involved in the emergence and development of a niche can provide a prospective and generative understanding of technological transition, thereby contributing to and complementing the extant SNM and MLP literatures

Mechanisms in Open Innovation: A Review and Synthesis of the Literature

A large body of literature explores the role of context, structure, actors, and outcomes of open innovation (OI), yet pays little attention to the mechanisms underlying these relationships. In this review paper, we synthesize the OI literature using a context-mechanism-outcome approach to identify and classify the various mechanisms observed in empirical OI studies. Our findings demonstrate that the OI literature draws on a wide variety of mechanisms originating from the fields of management, sociology, economics, and psychology. The fifteen mechanisms most frequently observed in the literature fall into four categories: governance and policies; environmental dynamics and interactions; knowledge, skills, and capabilities; and learning by doing. Moreover, by examining the levels of analysis of these mechanisms, we observe substantial differences in how these mechanisms operate at the individual, project, firm, network, and society level. Finally, we identify various avenues for future research arising from our synthesis of the literature

The clinical presentation of preterm cerebellar haemorrhage

The objective of this study was to evaluate clinical symptoms and findings on cranial ultrasound (CUS) in preterm infants with cerebellar haemorrhage through retrospective analysis of all preterm infants with a postnatal CUS or MRI diagnosis of cerebellar haemorrhage admitted in a tertiary care centre between January 2002 and June 2009. Fifteen infants were identified; median gestational age was 25 2/7 weeks and median birth weight 730 g. We discerned six types of haemorrhage: subarachnoid (n=3), folial (n=1), lobar (n=9, of which 4 bilateral), giant lobar (n=1, including vermis) and contusional (n=1). Especially in infants with lobar cerebellar haemorrhage, CUS showed preceding or concurrent lateral ventricle dilatation, mostly without intraventricular haemorrhage (IVH). Thirteen infants suffered from notable, otherwise unexplained motor agitation in the days preceding the diagnosis. In conclusion, motor agitation may be a presenting symptom of cerebellar haemorrhage in preterm infants. Unexplained ventriculomegaly can be a first sign of cerebellar haemorrhage and should instigate sonographic exploration of the cerebellum