Sequential mergers under incomplete information

IF 1.2 4区 管理学 Q3 ECONOMICS
Jiajia Cong, Wen Zhou
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引用次数: 0

Abstract

We study sequential mergers under incomplete information where the follower is ignorant about the leader's merger synergy. When the follower's own synergy is sufficiently large, incomplete information induces both firms to merge more. These additional mergers benefit both firms and total welfare but hurt consumers. If the follower's synergy is very small, the leader is unable to take any strategic action, and most results are reversed. The analysis suggests that incomplete information strengthens the strategic complementarity between the two mergers and thereby increases the likelihood of a merger wave.

不完全信息下的顺序合并
研究了不完全信息下的顺序并购,即跟随者不了解领导者的并购协同效应。当跟随者自身的协同效应足够大时,不完全信息会促使两家公司进行更多的合并。这些额外的合并对公司和整体福利都有利,但却伤害了消费者。如果追随者的协同作用非常小,领导者就无法采取任何战略行动,大多数结果都会被逆转。分析表明,信息不完全增强了并购双方的战略互补性,从而增加了并购浪潮发生的可能性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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