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Fershtman, Daniel; Pavan, Alessandro - 2017

We study mediated many-to-many matching in markets in which valuations evolve over time as the result of shocks, learning through experimentation, or a preference for variety. The analysis uncovers the key tradeoffs that platforms face in the design of their matching protocols. It shows that the...

Persistent link: https://www.econbiz.de/10011858085

Price discovery and gains from trade in asset markets with insider trading

Brünner, Tobias; Levínský, René - 2020

The present study contributes to the ongoing debate on possible costs and benefits of insider trading. We present a novel call auction model with insider information. Our model predicts that more insider information improves informational efficiency of prices, but this comes at the expense of...

Persistent link: https://www.econbiz.de/10012437539

Risk, reward and uncertainty in buyer-seller transactions : the seller's view on combining posted prices and auctions

Ivanova-Stenzel, Radosveta; Kröger, Sabine - 2023

In Buy-It-Now auctions, sellers can post a take-it-or-leave-it price offer prior to an auction. While the literature almost exclusively looks at buyers in such combined mechanisms, the current paper summarizes results from the sellers' point of view. Buy-It-Now auctions are complex mechanisms...

Persistent link: https://www.econbiz.de/10014477420

Informational hold up and intermediaries

Utgoff, Naomi - In: Games 13 (2022) 5, pp. 1-14

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...

Persistent link: https://www.econbiz.de/10014418049

Mergers between regulated firms with unknown efficiency gains

Fiocco, Raffaele; Guo, Gongyu - 2014

In an industry where regulated firms interact with unregulated suppliers, we investigate the welfare effects of a merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private information of the merged firm. The optimal merger policy...

Persistent link: https://www.econbiz.de/10010358241

Income tax buyouts and income tax evasion

Goerke, Laszlo - 2014

A tax buyout is a contract between tax authorities and a tax payer which reduces the marginal income tax rate in exchange for a lump-sum payment. While previous contributions have focussed on labour supply, we consider the interaction with tax evasion and show that a buyout can increase expected...

Persistent link: https://www.econbiz.de/10010237195

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

Preemptive bidding, target resistance, and takeover premiums

Dimopoulos, Theodosios; Sacchetto, Stefano - 2011

This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …

Persistent link: https://www.econbiz.de/10009375142

Conditional and unconditional bidding in takeovers : experimental evidence

Karbowski, Adam; Prokop, Jacek - 2015

shareholders during a takeover attempt. We construct our experiments to reflect the dynamics of unconditional bidding suggested by …

Persistent link: https://www.econbiz.de/10011429563

White knights and the corporate governance of hostile takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10011377390