Research

Work in progress

• The Inflation Reduction Act: Short-Term Industry Dynamics and Local Impacts
• Attention in Procurement (with Miklós Koren, Sergey Lychagin, and Adam Szeidl)
• Causal Random Deforestation: A Global REDD+ Evaluation (with Lucas Konrad, Lukas Vashold, and Nikolas Kuschnig)
• Pass-through in High Inflationary Environments: A Structural Approach (with Klaus Gugler, Klara Kinnl, Lukas Pirnbacher, and Florian Szücs)

Peer-reviewed publications

Start-up acquisitions, venture capital and innovation: A comparative study of Google, Apple, Facebook, Amazon and Microsoft (2025) Wohak, U., Gugler, K., Szücs, F.. International Journal of Industrial Organization. DOI

Abstract

We evaluate the impact of big-tech acquisitions on the incentives for venture capital (VC) investment and innovation. Using data on several hundred acquisitions by Google, Apple, Facebook, Amazon and Microsoft (GAFAM), we study the evolution of VC investment and patenting in affected technology fields relative to control groups. The results show a clear negative impact on VC investment, while the effect on innovation depends on the acquirer and period. Over time, the treatment effects on both outcomes improve, as GAFAM firms' product and tech-portfolios become more similar. Yet, around 14% of acquisitions impact both metrics negatively.

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Using Natural Language Processing to Delineate Digital Markets (2024) Wohak, U., Gugler, K., Szücs, F.. Stanford Computational Antitrust. Link (PDF)

Abstract

Delineating relevant antitrust markets poses substantial challenges, particularly so in nascent, digital markets, where data on prices, quantities, and costs often are not available. This study evaluates a complementary approach using Natural Language Processing techniques along with business descriptions of relevant firms to define markets. Applying this method to a sample of start-up acquisitions, we find considerable overlap between our approach and expert assessments by the European Commission.

Under Review

• Evaluating Tampon Tax Reforms using Transaction Based Scanner Data (with Klara Kinnl), R&R at Journal of Economic Behaviour and Organization

  • A preliminary version of this paper was presented at the European Parliament’s FEMM committee workshop on 08/12/2022.

  • In this project we evaluate the causal impact of various tax reductions for mentrual hygiene products on prices as well as quantities purchased. We find close to full pass-through but muted effects on quantities purchased.

  • We find that the tax reduction translates into prices dynamically over a period of at least 12 months.