In a recent article published in this journal, Jon Dubrow examines the acquisitions of passive minority equity interests. The focus of his article is the treatment of these transactions by the courts and the federal antitrust agencies, including their treatment of the investment-only exemption...

We present a model of ordered bargaining between one buyer and several sellers, with Nash bargaining at each stage. We first show that the model has the property that the buyer's payoff equals the expected utility of a weighted sum of independent Bernoulli random variables. We then exploit this...

This paper presents an economic framework for analyzing the competitive effects of partial ownership interests. The competitive effects of partial ownership depend critically on two separate and distinct elements: financial interest and corporate control. These two factors affect the incentives...