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Past Issue • Oct-Dec 2013

Valuing Innovation: Evidence from Cisco’s Acquisitions

Professor Krishnamurthy V Subramanian and researchers Chandra Sekhar Mangipudi and Rajkamal Vasu adopt a novel approach to valuing innovative assets of young, path-breaking firms by examining the value paid for their acquisition. Using data from Cisco Systems, a serial acquirer, their study arrives at quantitative estimates of the value of such firms, throwing new light on the price that established firms are prepared to pay to stay at the forefront of innovation, and how that value is determined.


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