search query: @author Hansen, R. G. / total: 3
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| Author: | Hansen, R. G. |
| Title: | A theory for the choice of exchange medium in mergers and acquisitions. |
| Journal: | Journal of Business
1987 : JAN, VOL. 60:1, p. 75-95 |
| Index terms: | MERGERS CHOICE THEORY EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | The transacting process of a merger or acquisition is examined with the particular goal of formulating a model for the choice of exchange medium. The transacting process is treated as a two-agent bargaining game under imperfect information. Accounting and tax considerations are incorporated but not necessary for any of the model's results. Instead the focus rests on adverse selection and the incentives for wealth-maximizing attenuating effects selection. This makes the analysis of the same nature as the large corporate finance literature using asymmetric information to explain optimal financial leverage,value effects from dividend and financing announcements,and optimal managerial incentive schemes. |
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