Gill, David and Sgroi, Daniel
Sequential decision-making and asymmetric equilibria: an application to takeovers
The B.E. Journal of Theoretical Economics, 4, (1), .
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With indivisible shareholdings and simultaneous shareholder decision-making, the existing takeover literature provides a reasonable profit only in asymmetric equilibria. We allow the raider to approach shareholders sequentially and thereby find a unique equilibrium that produces the same outcome.
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