Dionne, Georges; Haye, Mélissa La; Bergères, Anne-Sophie - Centre Interuniversitaire sur le Risque, les Politiques … - 2010
Our objective is to test the influence of information asymmetry between potential buyers on the premium paid for an acquisition. We analyze mergers and acquisitions as English auctions with asymmetric information. The theory of dynamic auctions with private values predicts that more informed...