How valuable is a piece of the spectrum Determination of value in external resource acquisition

Based on an in-depth study of third generation mobile telephony licenses in the UK, we discuss what makes externally acquired resources more or less valuable for their owners. We find that value is influenced by competitive dynamics, the discourse that surrounds a particular resource, and the development of collaborative networks around the resource. We also find that the value of a resource is determined during the process that leads up to its acquisition and continues to vary in the post acquisition dynamics. Our analysis furthers existing understanding of value within the resource-based view, and bears important implications for firm-level capabilities.