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Does Asymmetric Information Affect the Premium in Mergers and Acquisitions?
Dionne, Georges - 2014
TWe test the influence of information asymmetry on the premium paid for an acquisition. We analyze mergers and acquisitions as English auctions. The theory of dynamic auctions with private and common value predicts that more informed bidders may pay a lower price. We test that prediction with a...
Persistent link: https://www.econbiz.de/10013070221
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Optimal takeover contests with toeholds
Loyola, Gino (contributor) - 2008
Persistent link: https://www.econbiz.de/10003774435
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Horizontal mergers with synergies: first-price vs. profit-share auction
Ding, Wei; Fan, Cuihong; Wolfstetter, Elmar - 2010
We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect … of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions …
Persistent link: https://www.econbiz.de/10008822617
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Reputational bidding
Giovannoni, Francesco; Makrēs, Miltiadēs - 2014
Persistent link: https://www.econbiz.de/10010362561
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Asymmetric Information and the Medium of Payment in US Takeover Bids
Kyriazis, Dimitris - 2011
) in U.S. takeover bids during the 1986-2008 period. To this end, we combine proxies for asymmetric information with …
Persistent link: https://www.econbiz.de/10013131372
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Reputations in Bidding Fee Auctions
Goodman, Joseph - 2012
This paper analyzes bidding fee auctions --- an auction format in which bidders pay a fee every time they bid. In these auctions, the prize value diminishes as the auction progresses, and the person who pays the most does not necessarily win. Bidding fee auction websites are an increasingly...
Persistent link: https://www.econbiz.de/10013104404
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Mergers in Bidding Markets
Janssen, Maarten - 2013
We analyze the effects of mergers in first-price sealed-bid auctions on bidders' equilibrium bidding functions and on revenue. We also study the incentives of bidders to merge given the private information they have. We develop two models, depending on how after-merger valuations are created. In...
Persistent link: https://www.econbiz.de/10013088780
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M&A negotiations with limited information : how do opaque firms buy and get bought?
Battigalli, Pierpaolo; Chiarella, Carlo; Gatti, Stefano; … - 2017 - This version: January, 2017
Persistent link: https://www.econbiz.de/10011802921
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Price discovery and gains from trade in asset markets with insider trading
Brünner, Tobias; Levínský, René - 2020
The present study contributes to the ongoing debate on possible costs and benefits of insider trading. We present a novel call auction model with insider information. Our model predicts that more insider information improves informational efficiency of prices, but this comes at the expense of...
Persistent link: https://www.econbiz.de/10012437539
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Preemptive bidding, target resistance, and takeover premiums
Dimopoulos, Theodosios; Sacchetto, Stefano - 2011
This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …
Persistent link: https://www.econbiz.de/10009375142