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Investment Timing and Vertical Relationships
Billette de Villemeur, Etienne; Ruble, Richard; … - Volkswirtschaftliche Fakultät, … - 2013
the model to allow for downstream duopoly. When downstream firms are engaged in a preemption race, the upstream firm sells …
Persistent link: https://www.econbiz.de/10011108898
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Strategic Merger Waves : A Theory of Musical Chairs
Toxvaerd, Flavio - 2004
This paper proposes an explanation of merger waves based on a dynamic preemption game. A set of acquirers compete over … dynamics predictions of the model are related to stylized facts.Keywords: Merger waves, preemption, dynamic global games, real …
Persistent link: https://www.econbiz.de/10012739039
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Quick or persistent? Strategic investment demanding versatility
Steg, Jan-Henrik; Thijssen, Jacco - 2015
show that both preemption and attrition can occur along typical equilibrium paths. In order to determine the attrition … show that there is always a positive probability of eventual preemption, contrasting the deterministic version of the model … in attrition and preemption regions. …
Persistent link: https://www.econbiz.de/10011348268
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Preemptive investment under uncertainty
Steg, Jan-Henrik - 2015
, the determination of equilibria with preemption is reduced to solving a single class of constrained stopping problems. The …
Persistent link: https://www.econbiz.de/10011582515
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On preemption in discrete and continuous time
Steg, Jan-Henrik - 2016
The seminal work of Fudenberg and Tirole (1985) on how preemption erodes the value of an option to wait raises general … result, relying on an "infinitely fine grid". Here it is shown that the preemption equilibrium is the limit of the unique …
Persistent link: https://www.econbiz.de/10011582522
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Quick or persistent? : strategic investment demanding versatility
Steg, Jan-Henrik; Thijssen, Jacco J. J. - 2015
show that both preemption and attrition can occur along typical equilibrium paths. In order to determine the attrition … show that there is always a positive probability of eventual preemption, contrasting the deterministic version of the model … in attrition and preemption regions. …
Persistent link: https://www.econbiz.de/10011284232
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Preemptive investment under uncertainty
Steg, Jan-Henrik - 2015
, the determination of equilibria with preemption is reduced to solving a single class of constrained stopping problems. The …
Persistent link: https://www.econbiz.de/10011380662
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On preemption in discrete and continuous time
Steg, Jan-Henrik - 2016
The seminal work of Fudenberg and Tirole (1985) on how preemption erodes the value of an option to wait raises general … result, relying on an "infinitely fine grid". Here it is shown that the preemption equilibrium is the limit of the unique …
Persistent link: https://www.econbiz.de/10011449161
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Competition, timing of entry and welfare in a preemption game
Argenziano, Rossella; Schmidt-Dengler, Philipp - In: Economics Letters 120 (2013) 3, pp. 509-512
We show that in a preemption game of entry into a Cournot market, increasing the number of competitors beyond duopoly …
Persistent link: https://www.econbiz.de/10010681752
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Pre-emptive horizontal mergers: theory and evidence
Molnár, József - 2007
This paper proposes and tests an explanation as to why rational managers seeking to maximize shareholder value can pursue value-decreasing mergers. It can be optimal to overpay for a target firm and decrease shareholder value if the loss is less than in an alternative where the merger is...
Persistent link: https://www.econbiz.de/10012148006