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Takeovers and the dynamics of information flows

Chemla, Gilles (2004), Takeovers and the dynamics of information flows, International journal of industrial organization, 22, 4, p. 575-590. http://dx.doi.org/10.1016/j.ijindorg.2003.11.001

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Type
Article accepté pour publication ou publié
Date
2004-04
Journal name
International journal of industrial organization
Volume
22
Number
4
Publisher
Amsterdam, North-Holland
Pages
575-590
Publication identifier
http://dx.doi.org/10.1016/j.ijindorg.2003.11.001
Metadata
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Author(s)
Chemla, Gilles
Abstract (EN)
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business relationships. We consider a long-term relationship between a firm and a privately-informed stakeholder, a buyer for example. In our model, takeovers both increase the surplus from trade and enable the firm to extract a potentially higher share of the surplus from the buyer. The possibility of a takeover that leaves the buyer with a higher (lower) rent than the incumbent manager increases (decreases) the buyer's willingness to reveal their valuation. We suggest a number of testable predictions on the performance of takeover targets and trade credit.
Subjects / Keywords
takeovers; information; price; value; disclosure; buyer
JEL
D82 - Asymmetric and Private Information; Mechanism Design
L14 - Transactional Relationships; Contracts and Reputation; Networks
G34 - Mergers; Acquisitions; Restructuring; Corporate Governance

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