Takeover Waves
| Autor: | Ramon Fauli-Oller |
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| Rok vydání: | 2004 |
| Předmět: | |
| Zdroj: | Journal of Economics & Management Strategy. 9:189-210 |
| ISSN: | 1058-6407 |
| DOI: | 10.1111/j.1430-9134.2000.00157.x-i1 |
| Popis: | Horizontal takeovers often occur in waves. A sequence of takeovers is obtained in a Cournotsetting with cost asymmetries. They are motivated by two different reasons: (i) A low realizationof demand increases the profitability of takeovers. (ii) Takeovers raise the profitability of futuretakeovers. A possible explanantion of merger races is also obtained by showing that firms buyingin the first place pay a lower price for their targets. |
| Databáze: | OpenAIRE |
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