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Beware the Winner's CurseVictories that Can Sink You and Your Company$
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G. Anandalingam and Henry C. Lucas

Print publication date: 2004

Print ISBN-13: 9780195177404

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195177404.001.0001

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The mad scramble to acquire optical technology

The mad scramble to acquire optical technology

(p.97) 5 The mad scramble to acquire optical technology
Beware the Winner's Curse

G. Anandalingam (Contributor Webpage)

Henry C. Lucas

Oxford University Press

The 1990s saw an incredible amount of excitement about optical networking technology. Many start-up companies with potentially viable new technology seemed very “hot” to investors, especially venture capital firms and well established technology companies in telecommunications like Lucent, Nortel, and Cisco. There was a mad scramble to either invest in or acquire a number of these new start-up companies including Chromatis, Ignitus, Sycamore, Lightera, etc. Winners ended up paying billions of dollars for companies with commercially unproven technology or technology that could be emulated by others. Over the past two years, the optical networking industry has lost over $500 billion in investor value, and it offers a good example of market factors leading to the winner’s curse.

Keywords:   optical networks, Lucent, Nortel, Cisco

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