Научный семинар Андрея Маленко (Стенфордский Университет): «Strategic and Financial Bidders in Takeover Auctions»
В среду, 23 марта в ауд. Ж-419 (Покровский бульвар, 11) прошел совместный научный семинар Лаборатории макроэкономического аналаиза и Международного института экономики и финансов
Докладчик: Андрей Маленко (Стенфордский Университет)
Тема доклада:«Strategic and Financial Bidders in Takeover Auctions» (совместно с Александром Горбенко)
Тезисы доклада: We propose a structural model of takeover auctions that allows for asymmetries between strategic and financial bidders. Using hand-collected data on the number of bidders, their types and bids, we estimate the model to recover valuations of participating bidders. We find that strategic and financial bidders differ along multiple dimensions: they value targets with different observable characteristics; valuations of financial bidders are affected more by aggregate economic conditions; strategic bidders are more heterogeneous than financial bidders both within and across auctions; strategic bidders typically value targets more, but some mature underperforming targets are valued more by financial bidders. (pdf версия)