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Price-setting behavior in the presence of social interactions

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Author Info
Soetevent, Adriaan R.
Schoonbeek, Lambert (Groningen University)

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Abstract

We argue in this paper that a more active market for corporate control may weaken the takeover threat. We show that an increase in the number of potential raiders tends to decrease the probability of a takeover. This in turn weakens managerial incentives. The lower managerial effort level that results in equilibrium negatively affects the ex ante value of the firm.

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File URL: http://irs.ub.rug.nl/ppn/249569817
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Publisher Info
Paper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 200307.

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Date of creation: 2003
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Handle: RePEc:dgr:rugccs:200307

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