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effects of horizontal mergers and acquisitions on acquirers in the brewing industry. Based on a sample of 69 takeover …
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We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions, supplemented by entry fees. Since non-merged firms benefit...
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also consistent with other stylized facts about takeovers and generates novel testable predictions. …
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takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I … find that takeovers increase bidder value, but generally not that of the business group surrounding it. Second, majority … shareholder. Fourth, the worst takeovers are completed by firms that are majority-controlled by financial institutions. …
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performance. By exploiting variations in firms' ownership generated by takeovers, we find that belonging to the same community of …
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to important business decisions, specifically those involving corporate takeovers. Consistent with the evidence from …
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With indivisible shareholdings and simultaneous shareholder decision-making, the existing takeover literature provides a reasonable profit only in asymmetric equilibria. We allow the raider to approach shareholders sequentially and thereby find a unique equilibrium that produces the same outcome.
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