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Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1999

(forthcoming Journal of Political Economy). Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a "toehold" bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its...

Persistent link: https://www.econbiz.de/10005076990

Toeholds and Takeovers

Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1996

Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a ``toehold'' bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of a...

Persistent link: https://www.econbiz.de/10005413099

Does Investor Misvaluation Drive the Takeover Market?

DONG, MING; Hirshleifer, David; RICHARSON, SCOTT; Teoh, … - EconWPA - 2004

This paper tests the hypothesis that irrational market misvaluation affects firms' takeover behavior. We employ two contemporaneous proxies for market misvaluation, pre-takeover book/price ratios and pre-takeover ratios of residual income model value to price. Misvaluation of bidders and targets...

Persistent link: https://www.econbiz.de/10005076960

Bidder Asymmetry in Takeover Contests: The Role of Deal Protection Devices

Povel, Paul; Singh, Rajdeep - EconWPA - 2003

We analyze how a takeover contest should optimally be designed. Our key assumption is that not all bidders are equally well informed about a target's value. We present a three-stage sequential procedure which is optimal in such a setting. In this procedure, the target first offers an exclusive...

Persistent link: https://www.econbiz.de/10005134836

New Anti-Merger Theories: A Critique

Lopez, Edward J. - EconWPA - 2005

The purpose of this paper is to evaluate two new anti-merger instruments, innovation markets and unilateral effects, on the basis of economic theory and evidence. I first discuss how the economics of antitrust has developed over the years, with the intention of characterizing the intellectual...

Persistent link: https://www.econbiz.de/10005124983

IMPACT OF MERGERS AND AMALGAMATION ON THE PERFORMANCE OF INDIAN COMPANIES

Tambi, Mahesh Kumar - EconWPA - 2005

This paper is an attempt to evaluate the impact of Mergers on the performance of the companies. Theoretically it is … assumed that Mergers improves the performance of the company due to increased market power, Synergy impact and various other … were done mostly in the US and other European countries. I evaluate the impact of Mergers on Indian companies through a …

Persistent link: https://www.econbiz.de/10005134825

Joint Bidding in Common Value Auctions: Theory and Evidence

Mares, Vlad; Shor, Mikhael - EconWPA - 2003

We examine theoretically and experimentally two countervailing effects of collusion and symmetric mergers among bidders …

Persistent link: https://www.econbiz.de/10005407619

Does Geography Play a Role in Domestic Takeovers? Theory and Finnish Micro-level Evidence

Böckerman, Petri; Lehto, Eero - EconWPA - 2005

This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish firm …

Persistent link: https://www.econbiz.de/10005556219

Does Geography Play a Role in Domestic Takeovers? Theory and Finnish Micro-level Evidence

Böckerman, Petri; Lehto, Eero - EconWPA - 2005

This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish firm …

Persistent link: https://www.econbiz.de/10005118986

Mergers, Acquisitions, Joint Ventures and Strategic Alliances in Agricultural Cooperatives

Hudson, Darren; Herndon, Bill - EconWPA - 2004

A recent merger “wave” has occurred within the economy, including the agricultural sector. Some research has been conducted on publicly traded companies, but there is little information available on merger activity within agricultural cooperatives. This paper presents the results of a recent...

Persistent link: https://www.econbiz.de/10005561492