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On Mergers in Consumer Search Markets
Janssen, Maarten C.W.; Moraga-Gonzalez, Jose Luis - Tinbergen Instituut - 2007
We study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices …. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search … firms to merge and the welfare implications of mergers. When search costs are relatively small, mergers turn out not to be …
Persistent link: https://www.econbiz.de/10011255485
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Search Costs, Demand-Side Economies and the Incentives to merge under Bertrand Competition
Moraga-Gonzalez, Jose L.; Petrikaite, Vaiva - Tinbergen Instituut - 2012
sufficiently large, consumer traffic from the non-merging firms to the merged ones is so small that mergers become unprofitable …
Persistent link: https://www.econbiz.de/10011255518
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011255534
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Consumer Search Costs and the Incentives to merge under Bertrand Competition
Moraga-Gonzalez, Jose Luis; Petrikaite, Vaiva - Tinbergen Instituut - 2011
Deneckere and Davidson (1985)hold. However, as search costs increase, the merging firms receive fewercustomers so mergers become …
Persistent link: https://www.econbiz.de/10011255742
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Mergers in Bidding Markets
Janssen, Maarten; Karamychev, Vladimir - Tinbergen Instituut - 2013
We analyze the effects of mergers in first-price sealed-bid auctions on bidders' equilibrium bidding functions and on …
Persistent link: https://www.econbiz.de/10011256791
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Winning by Losing: Evidence on Overbidding in Mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Instituut - 2011
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger contests to address the identificationissue. In those...
Persistent link: https://www.econbiz.de/10011257222