منابع مشابه
Mergers and market valuation: real options approach
This paper investigates the connection between market valuation anda type of the merger (stock, cash) using real options setup. I solveexplicitly for the timing and terms of cash mergers in two deferent settingsto demonstrate that cash mergers generally occur at low marketvaluations, whereas stock mergers that may be observed at both low andhigh valuations; the result holds with some dierences ...
متن کاملEndogenous technical change, Spillovers, and Market Structure
This paper investigates the effect of spillovers in a model of endogenous technical change resulting from learning or network effects on the existence of a lower bound to market concentration.
متن کاملStable Market Structure and Sufficient Conditions for Horizontal Mergers
Consider the four possible mergers in a market with three firms: 12, 13, 23, and 123. Which one, if any, will take place? Although the question seems fairly simple, it has not yet been fully answered. The existing literature provides two necessary conditions for a merger: profitability and a non-empty core (i.e., a merger will not be formed if it is unprofitable or if its core is empty). This p...
متن کاملCompetition, Cascades and Connectivity: A Multi-Market Model of Endogenous Mergers
There is an increasing trend towards global financial consolidation. Empirical evidence has shown that though consolidation can promote market efficiency, it can also increase systemic risk. Therefore, understanding the effects of company mergers on the financial markets is an increasingly pertinent issue. This paper presents a multi-market agent-based model of endogenous merger formation, cons...
متن کاملmergers and market valuation: real options approach
this paper investigates the connection between market valuation anda type of the merger (stock, cash) using real options setup. i solveexplicitly for the timing and terms of cash mergers in two deferent settingsto demonstrate that cash mergers generally occur at low marketvaluations, whereas stock mergers that may be observed at both low andhigh valuations; the result holds with some di erences...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: International Journal of Industrial Organization
سال: 2001
ISSN: 0167-7187
DOI: 10.1016/s0167-7187(00)00059-x