search query: @author Zhdanov, A. / total: 2
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| Author: | Morellec, E. Zhdanov, A. |
| Title: | The dynamics of mergers and acqusitions |
| Journal: | Journal of Financial Economics
2005 : SEP, VOL. 77:3, p. 649-672 |
| Index terms: | competition learning mergers |
| Freeterms: | real options |
| Language: | eng |
| Abstract: | A dynamic model of takeovers is presented here based on the stock market valuations of merging companies. The model incorporates competition and imperfect information and determines the terms and timing of takeovers by solving option exercise games between bidding and target shareholders. The implications of the model for returns to stockholders are consistent with the available evidence. |
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