Negotiating M&As under uncertainty: The influence of managerial flexibility on the first-mover advantage
AbstractUsing a dynamic real options approach we show that managerial flexibility is strengthening the first-mover advantage in bargaining M&As by undermining the bargaining power of the second mover.
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Bibliographic InfoArticle provided by Elsevier in its journal Finance Research Letters.
Volume (Year): 9 (2012)
Issue (Month): 1 ()
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Real option; Game theory; Merger & Acquisition; Negotiation; Flexibility; Ultimatum game;
Find related papers by JEL classification:
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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