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Market and Technology Access Through Firm Acquisitions: Beyond One Size Fits All

Hussinger, Katrin; Grimpe, Christoph - 2008

, products or other valuable resources of the target firm. Given this heterogeneity of takeover motivations and the skewness of … the distribution of the deal value we show whether and how the importance of different takeover motivations changes along …

Persistent link: https://www.econbiz.de/10010298047

Building and Blocking: The Two Faces of Technology Acquisition

Grimpe, Christoph; Hussinger, Katrin - 2008

Gaining access to technological assets and patents, in particular, has long been a major motive and objective for firm acquisitions. On the one hand, patents are used as a building instrument for the acquirer's technology portfolio. On the other hand, patents can be attractive because of their...

Persistent link: https://www.econbiz.de/10010298053

Building and Blocking: The Two Faces of Technology Acquisition

Grimpe, Christoph; Hussinger, Katrin - 2009

Persistent link: https://www.econbiz.de/10010298687

Reserve prices in auctions as reference points

Rosenkranz, Stephanie; Schmitz, Patrick W. - 2005

We consider second-price and first-price auctions in the symmetric independent private values framework. We modify the standard model by the assumption that the bidders have reference-based utility, where a publicly announced reserve price has some influence on the reference point. It turns out...

Persistent link: https://www.econbiz.de/10010263146

Evolutionary stability of first price auctions

Louge, Fernando; Riedel, Frank - 2010

This paper studies the evolutionary stability of the unique Nash equilibrium of a first price sealed bid auction. It is shown that the Nash equilibrium is not asymptotically stable under payoff monotonic dynamics for arbitrary initial popu- lations. In contrast, when the initial population...

Persistent link: https://www.econbiz.de/10010272558

Auction Design without Commitment

Vartiainen, Hannu - 2003

We study auction design when parties cannot commit themselves to the mechanism. The seller may change the rules of the game and the buyers choose their outside option at all stages. We assume that the seller has a leading role in equilibrium selection at any stage of the game. Stationary...

Persistent link: https://www.econbiz.de/10011325053

Auctions: A survey

Böheim, René; Zulehner, Christine - 1996

The importance of auction theory has gained increased recognition in the scientific community, the latest recognition being the award of the Nobel price to Vickrey and Mirrlees. Auction theory has been used in quite different fields, both theoretically and empirically. This paper connects recent...

Persistent link: https://www.econbiz.de/10010291059

Efficient partnership dissolution under buy/sell clauses

de Frutos, Maria Angeles; Kittsteiner, Thomas - 2004

When a partnership comes to an end partners have to determine the terms of the dissolution. A well known way to do so is by enforcing a buy/sell option. Under its rules one partner has to offer a price for the partnership and the other agent can choose whether she wants to sell her share or buy...

Persistent link: https://www.econbiz.de/10010263098

Competition on common value markets with naèive traders: a theoretical and experimental analysis

Chlaß, Nadine; Güth, Werner - 2007

Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both, buyers and sellers. Naivety of both is related to the idea that higher prices exclude worse qualities. While competition of naive buyers...

Persistent link: https://www.econbiz.de/10010263850

White Knights and the Corporate Governance of Hostile Takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10010325684