Horizontal mergers with synergies: Cash vs. profit-share auctions

doi:10.1016/j.ijindorg.2013.06.005

CORC > 上海财经大学 > 上海财经大学

	Horizontal mergers with synergies: Cash vs. profit-share auctions
	Ding, Wei 1; Fan, Cuihong 2; Wolfstetter, Elmar G.3,4
刊名	INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION
	2013-09
卷号	31 期号:5 页码:382-391
关键词	Horizontal mergers Takeovers Auctions Externalities Oligopoly
ISSN号	0167-7187
DOI	10.1016/j.ijindorg.2013.06.005
英文摘要	We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect of merging with a takeover target and bidders can influence rivals' beliefs through their bids. We compare cash and profit-share auctions, first- and second-price, supplemented by entry fees. Since non-merged firms benefit from a merger if synergies are low, bidders are subject to a positive externality with positive probability; nevertheless, pooling does not occur. Unlike cash auctions, profit-share auctions are not revenue equivalent, and the second-price profit-share auction is more profitable than the other auctions. (C) 2013 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000330000800003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1926]
专题	上海财经大学
通讯作者	Wolfstetter, Elmar G.
作者单位	1.Univ Bonn, Bonn Grad Sch Econ, D-53113 Bonn, Germany; 2.Shanghai Univ Finance & Econ, Sch Econ, Shanghai 200433, Peoples R China; 3.Humboldt Univ, Inst Econ Theory 1, D-10178 Berlin, Germany; 4.Korea Univ, Dept Econ, Seoul, South Korea
推荐引用方式 GB/T 7714	Ding, Wei,Fan, Cuihong,Wolfstetter, Elmar G.. Horizontal mergers with synergies: Cash vs. profit-share auctions[J]. INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION,2013,31(5):382-391.
APA	Ding, Wei,Fan, Cuihong,&Wolfstetter, Elmar G..(2013).Horizontal mergers with synergies: Cash vs. profit-share auctions.INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION,31(5),382-391.
MLA	Ding, Wei,et al."Horizontal mergers with synergies: Cash vs. profit-share auctions".INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION 31.5(2013):382-391.