Remove First-mover Advantage Remove Intangible Assets Remove Leadership
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Why We Shouldn’t Worry About the Declining Number of Public Companies

Harvard Business Review

Hence, successful digital firms, even if incurring losses, prove attractive acquisition targets for firms that create value by mixing and matching acquired intangible assets with their own. Such acquisitions become more lucrative with rising first-mover advantages, pace of technological development, and network externality.

IPO 11
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Why Family Businesses Come Roaring out of Recessions

Harvard Business Review

(Tobin’s q is the ratio between a company’s market capitalization and the replacement cost of its tangible assets, with a higher ratio indicating that a company has more intangible assets such as patents, brands, leadership etc., Leadership Marketing' during the growth years to 0.8 during recessions.