This paper is a retrospective evaluation of how innovation changed following mergers and subsequent policy interventions after the 5-to-3 consolidation of the worldwide hard disk drive industry in 2012. It adopts a holistic view of innovation, employing four different measures: R&D, patents, the number of new models, and their unit prices. This allows us to distinguish the magnitude of the merging parties innovative efforts from the productivity of those efforts. Our firm-level approach confirms that there is important heterogeneity across the players, which we attribute to differences in the severity of remedies required by competition authorities.

中文翻译：

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合并与创新：来自硬盘驱动器市场的证据

本文是对 2012 年全球硬盘驱动器行业 5 比 3 整合后合并和后续政策干预后创新如何变化的回顾性评估。 它采用整体创新观，采用四种不同的措施：研发、专利、新型号的数量及其单价。这使我们能够将合并方创新努力的规模与这些努力的生产力区分开来。我们公司层面的方法证实，参与者之间存在重要的异质性，我们将其归因于竞争主管机构要求的补救措施的严重程度不同。