NDLI: The timing of agreement mergers under incomplete information of hazard rate

Content Provider	IEEE Xplore Digital Library
Author	Zhang Tao Hu Wen-xiu Wang Jiu-sheng
Copyright Year	2008
Description	Author affiliation: Sch. of Bus. Adm., Xi'an Univ. of Technol., Xi'an (Zhang Tao; Hu Wen-xiu; Wang Jiu-sheng)
Abstract	Taking the rate of consideration, synergies uncertainty and incomplete information on hazard rate into account, this paper establishes a ldquothree-phaserdquo model about the timing of agreement mergers and solves the optimal merging time and consideration rate on equilibrium under incomplete information by adopting dynamic programming and real options methods. Then, make an illustration to explain our research, it is indicated that the optimal timing of mergers is only related to the relative shocks of the two participants, and is not relevant to the bargain power. Meanwhile, the optimal timing of merger is later than the time solved by traditional NPV approach, and is positive correlative to the expected merger payoff, which implies that an overconfident acquiring is more likely to overinvest.
Starting Page	663
Ending Page	669
File Size	353696
Page Count	7
File Format	PDF
ISBN	9781424423873
DOI	10.1109/ICMSE.2008.4668984
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2008-09-10
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	timing of mergers Uncertainty Corporate acquisitions agreement mergers Electric shock incomplete information Merging Conference management Hazards hazard rate of mergers Technology management consideration rate Engineering management Timing Dynamic programming
Content Type	Text
Resource Type	Article

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