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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

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

On Mergers in Consumer Search Markets

Janssen, Maarten C.W.; Moraga-González, José Luis - Tinbergen Institute - 2007

We study mergers in a market where <I>N</I> 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/10005136862

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004

We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...

Persistent link: https://www.econbiz.de/10005137317

Search Costs, Demand-Side Economies and the Incentives to merge under Bertrand Competition

Moraga-Gonzalez, Jose L.; Petrikaite, Vaiva - Tinbergen Institute - 2012

This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiated

Persistent link: https://www.econbiz.de/10009650210

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Institute - 2011

an informative estimate of the causal effect of mergers in our sample. Existing measures of long-run abnormal returns …

Persistent link: https://www.econbiz.de/10009209848

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

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

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

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