Международный институт экономики и финансов

Научный семинар Юрия Хорошилова (Университет Оттавы): «Signalling in Takeover Auctions with Flexible Reserve Price»

В четверг, 6 октября в 16.30 в ауд. Ж-822  (Покровский бульвар, 11) прошел научный семинар МИЭФ.
Докладчик: Юрий Хорошилов (Университет Оттавы)
Тема доклада: «Signalling in Takeover Auctions with Flexible Reserve Price»

Тезисы доклада: This paper overcomes the non-existence of the signalling equilibrium in auctions with flexible reserve price result shown in previous studies. It presents a takeover auction model in which the acquirer can obtain additional information during the course of the auction and the target firm can change its reserve price. It shows that the threat of extra information acquisition and inability of the target firm to commit to a fixed reserve price prevent the target from ripping all of the expected acquisition surplus from the acquirer. The latter reduces the potential costs of signalling and allows the acquirer to use jump bidding to signal her value in order to deter competition.

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