A Theory of Strategic Mergers

A Theory of Strategic Mergers

We examine firms’ strategic incentives to engage in horizontal mergers. In a real options framework, we show that strategic considerations may explain abnormally high takeover activity during periods of positive and negative demand shocks. Importantly, this pattern emerges solely as a result of firm...

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Bibliographic Details
Main Authors: BERNILE, Gennaro, Lyandres, Evgeny, Zhdanov, Alexei
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2012
Subjects:
horizontal mergers
competition
strategic interaction
real options
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/3663
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4662/viewcontent/SSRN_id891311.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/lkcsb_research/3663
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4662/viewcontent/SSRN_id891311.pdf

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