place in the auction rendering the negotiation prior to the auction obsolete. An experimental test of the model provides … one potential buyer about the price of the good. If the negotiation fails to produce a sale, a second 'price sealed' bid … auction with an additional buyer is conducted. The theoretical model predicts that with risk neutral agents all sales take …

emerge from this study. First, REITs most often utilize a sales process resembling an auction, where an average of 19 …

businesses in a negotiation with one buyer. I argue that, when potential buyers are market competitors, an auction may generate …Intuition suggests that an auction maximizes revenue for the seller; yet empirically, many companies sell their … lower revenue for the seller. First, in an auction, private information of the seller is disclosed to all bidders during the …

transactions that result from auction failure (i.e., target-attempted auctions that secure only one bidder). Controlling for …-specific characteristics affect the likelihood of auction failure. The loss of latent (perceived) competition that results from a failed … auction partially shifts the wealth created by a merger or acquisition from targets' to acquirers' shareholders. To maximize …

negotiation processes belong) do less well, and, in fact, often worse than simply holding an efficient auction. In each case, we … numerical benchmark to study practical and simple buying procedures such as scoring auctions and negotiation. Specifically, we … between the expected revenue from the optimal mechanism and the efficient auction. Sequential procedures (to which many …

's revenue in a standard English ascending auction to that in a negotiation with a “go-shop” provision. In the latter, the target … additional bids during a “go-shop” period. Using a theoretical framework, I show that a “go-shop” negotiation generates higher … seller revenue than does an auction, when first, the bidders' costs of learning their valuations are sufficiently high …

outcome of extensive negotiation and exhibit substantial cross-sectional variation in the number and types of events that are …