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Not surprisingly the merger andacquisition activity among firms in the last decade was driven primarily by their search for new technologies, ideas, or information that would lead to industry-or market-transforming innovation. Firms are also spending increasingly large amounts for money on licensing and purchasing intellectual property. According to the Patent and License Exchange based in Pasadena, California, trading in intangible assets increased form $15 billion in 1990 to $ 100 billion in 1998 in the United States. From a corporate perspective, it may be of someconcern that an increasing proportion of that amount has been going to individuals and small firms.
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