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Sequential Decision-Making and Asymmetric Equilibria: An Application to Takeovers

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Author Info
David Gill (Trinity College, University of Oxford)
Daniel Sgroi (Faculty of Economics and Churchill College, University of Cambridge)

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Abstract

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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File URL: http://www.bepress.com/cgi/viewcontent.cgi?article=1178&context=bejte
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Publisher Info
Article provided by Berkeley Electronic Press in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): topics.4 (2004)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:bpj:bejtec:v:topics.4:y:2004:i:1:n:11

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Web page: http://www.bepress.com/bejte

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Related research
Keywords: takeovers; sequential; pivotal;

Other versions of this item:

Find related papers by JEL classification:
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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This page was last updated on 2009-11-21.

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