Nonlinear Takeover Bids with Heterogeneous Time Preference
| Autor: | Sheng-wei Huang, 黃勝偉 |
|---|---|
| Rok vydání: | 2005 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 93 While most takeover models assume homogeneous stockholders, we analyze a nonlinear model with heterogeneous stockholders. According to heterogeneous time preference, the raider can make optimal nonlinear tariffs to minimize cost. We find that raider''s optimal tariffs are increasing, as the stockholder''s preference is increasing. And the raider''s holding cost is increasing as time goes by. In this situation, we suggest the raider can use exclusion to complete takeover. By using exclusion, the raider can minimize the cost of takeover. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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