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Sealed Bids, Sunk Costs, and the Process of Competition

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Cited by:

  1. Audra L. Boone & J. Harold Mulherin, 2009. "Is There One Best Way to Sell a Company? Auctions Versus Negotiations and Controlled Sales1," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(3), pages 28-37, June.
  2. Gentry, Matthew & Stroup, Caleb, 2019. "Entry and competition in takeover auctions," Journal of Financial Economics, Elsevier, vol. 132(2), pages 298-324.
  3. Ronald M. Harstad, 2005. "Rational Participation Revolutionizes Auction Theory," Working Papers 0518, Department of Economics, University of Missouri.
  4. Neyland, Jordan & Shekhar, Chander, 2018. "How much is too much? Large termination fees and target distress," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 97-112.
  5. Cramton, Peter & Schwartz, Alan, 1991. "Using Auction Theory to Inform Takeover Regulation," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(1), pages 27-53, Spring.
  6. Carol L. Cain & Gary M. Fleischman & Antonio J. Macias & Juan Manuel Sanchez, 2021. "Ethics, Adverse Selection, Target Method of Sale Strategies, and Akerlof’s “Lemons†Problem," Accounting and Finance Research, Sciedu Press, vol. 10(3), pages 1-1, August.
  7. Ronald M. Harstad, 2007. "Does a Seller Really Want Another Bidder?," Working Papers 0711, Department of Economics, University of Missouri.
  8. Chira, Inga & Volkov, Nikanor, 2017. "The choice of sale method and its consequences in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 170-184.
  9. Ye, Lixin, 2007. "Indicative bidding and a theory of two-stage auctions," Games and Economic Behavior, Elsevier, vol. 58(1), pages 181-207, January.
  10. Yeon-Koo Che & Ian Gale, 2003. "Optimal Design of Research Contests," American Economic Review, American Economic Association, vol. 93(3), pages 646-671, June.
  11. Roberto Burguet, 2000. "Auction theory: a guided tour," Investigaciones Economicas, Fundación SEPI, vol. 24(1), pages 3-50, January.
  12. Jurich, Stephen N. & Walker, M. Mark, 2019. "What drives merger outcomes?," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 757-775.
  13. James Vickery & Joshua Wright, 2013. "TBA trading and liquidity in the agency MBS market," Economic Policy Review, Federal Reserve Bank of New York, vol. 19(May), pages 1-18.
  14. Liu, Tingting & Mulherin, J. Harold, 2018. "How has takeover competition changed over time?," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 104-119.
  15. Grosskopf Ofer & Medina Barak, 2007. "Rationalizing Drennan: On Irrevocable Offers, Bid Shopping and Binding Range," Review of Law & Economics, De Gruyter, vol. 3(2), pages 321-361, August.
  16. Dhaliwal, Dan S. & Lamoreaux, Phillip T. & Litov, Lubomir P. & Neyland, Jordan B., 2013. "Shared Auditors in Mergers and Acquisitions," Working Papers 13-14, University of Pennsylvania, Wharton School, Weiss Center.
  17. Fidrmuc, Jana P. & Roosenboom, Peter & Paap, Richard & Teunissen, Tim, 2012. "One size does not fit all: Selling firms to private equity versus strategic acquirers," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 828-848.
  18. Waterson, Michaël & Canoy, Marcel, 1994. "Tendering, auctions and preparation costs," CEPREMAP Working Papers (Couverture Orange) 9410, CEPREMAP.
  19. Campbell, Colin M., 1998. "Coordination in Auctions with Entry," Journal of Economic Theory, Elsevier, vol. 82(2), pages 425-450, October.
  20. Simon Stevenson & James Young, 2015. "The probability of sale and price premiums in withdrawn auctioned properties," Urban Studies, Urban Studies Journal Limited, vol. 52(2), pages 279-297, February.
  21. Vagstad, Steinar, 2007. "Should auctioneers supply early information for prospective bidders?," International Journal of Industrial Organization, Elsevier, vol. 25(3), pages 597-614, June.
  22. Charles J. Thomas, 2021. "Profitable Horizontal Mergers Without Efficiencies Can Increase Consumer Surplus," Journal of Industrial Economics, Wiley Blackwell, vol. 69(3), pages 730-741, September.
  23. Kagel, John & Pevnitskaya, Svetlana & Ye, Lixin, 2008. "Indicative bidding: An experimental analysis," Games and Economic Behavior, Elsevier, vol. 62(2), pages 697-721, March.
  24. Xu, Xiaoshu & Levin, Dan & Ye, Lixin, 2013. "Auctions with entry and resale," Games and Economic Behavior, Elsevier, vol. 79(C), pages 92-105.
  25. Ian Gale & Mark Stegeman, 1994. "Exclusion in all-pay auctions," Working Papers (Old Series) 9401, Federal Reserve Bank of Cleveland.
  26. Barry E. Adler, 2012. "Game-Theoretic Bankruptcy Valuation," The Journal of Legal Studies, University of Chicago Press, vol. 41(1), pages 209-238.
  27. Miao, Chun-Hui, 2017. "Search and Information Costs," MPRA Paper 83689, University Library of Munich, Germany.
  28. Jingfeng Lu, 2009. "Why a Simple Second-Price Auction Induces Efficient Endogenous Entry," Theory and Decision, Springer, vol. 66(2), pages 181-198, February.
  29. Stephen N. Jurich & M. Mark Walker, 2021. "Deal motivations and bargaining power: do executives show their hand in SEC filings?," SN Business & Economics, Springer, vol. 1(4), pages 1-28, April.
  30. Charles J. Thomas, 2019. "A New Perspective on Entry in Horizontal Merger Analysis," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 55(3), pages 459-491, November.
  31. Boone, Audra L. & Harold Mulherin, J., 2008. "Do auctions induce a winner's curse? New evidence from the corporate takeover market," Journal of Financial Economics, Elsevier, vol. 89(1), pages 1-19, July.
  32. Gemson, Josephine, 2021. "Private company acquisitions in the market for corporate control: A comparison between private equity and corporate acquirers," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 342-357.
  33. Vleugels, Jan, 1997. "Bidding against an unknown number of competitiors sharing affiliated information," Sonderforschungsbereich 504 Publications 97-13, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  34. Ravi Jagannathan & Ann E. Sherman, 2006. "Why Do IPO Auctions Fail?," NBER Working Papers 12151, National Bureau of Economic Research, Inc.
  35. Lin William Cong, 2020. "Timing of Auctions of Real Options," Management Science, INFORMS, vol. 66(9), pages 3956-3976, September.
  36. Carol Marquardt & Emanuel Zur, 2015. "The Role of Accounting Quality in the M&A Market," Management Science, INFORMS, vol. 61(3), pages 604-623, March.
  37. Habib, Michel A. & Ziegler, Alexandre, 2007. "Why government bonds are sold by auction and corporate bonds by posted-price selling," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 343-367, July.
  38. Dirk Bergemann & Xianwen Shi & Juuso Valimaki, 2009. "Information Acquisition in Interdependent Value Actions," Journal of the European Economic Association, MIT Press, vol. 7(1), pages 61-89, March.
  39. Logue, Dennis E. & Tinic, Seha M., 1999. "Optimal choice of contracting methods: negotiated versus competitive underwritings revisited," Journal of Financial Economics, Elsevier, vol. 51(3), pages 451-471, March.
  40. Szech, Nora, 2011. "Optimal advertising of auctions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2596-2607.
  41. Jurich, Stephen N. & Walker, M. Mark, 2022. "Initiating contact in merger negotiations: Who leads and who follows?," Journal of Economics and Business, Elsevier, vol. 119(C).
  42. Vleugels, Jan, 1997. "Bidding against an unknown number of competitors sharing affiliated information," Papers 97-13, Sonderforschungsbreich 504.
  43. Booth, James R. & Chua, Lena, 1996. "Ownership dispersion, costly information, and IPO underpricing," Journal of Financial Economics, Elsevier, vol. 41(2), pages 291-310, June.
  44. Hansen, Robert G. & Thomas, Randall S., 1998. "Auctions in bankruptcy: theoretical analysis and practical guidance," International Review of Law and Economics, Elsevier, vol. 18(2), pages 159-185, June.
  45. Ronald M Harstad, 2011. "Endogenous Competition Alters the Structure of Optimal Auctions," ISER Discussion Paper 0816, Institute of Social and Economic Research, The University of Osaka.
  46. Lu, Jingfeng, 2006. "Auctions design with private costs of valuation discovery," MPRA Paper 943, University Library of Munich, Germany.
  47. Schlingemann, Frederik & Wu, Hong, 2015. "Determinants and shareholder wealth effects of the sales method in acquisitions," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 469-485.
  48. Kim, In-Gyu, 1998. "A model of selective tendering: Does bidding competition deter opportunism by contractors?," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(4), pages 907-925.
  49. He, Chusu & Milne, Alistair & Ataullah, Ali, 2023. "What explains delays in public procurement decisions?," Economic Modelling, Elsevier, vol. 121(C).
  50. Glambosky, Mina & Gleason, Kimberly & Murdock, Maryna, 2015. "Political risk and the factors that affect international bids," Global Finance Journal, Elsevier, vol. 28(C), pages 68-83.
  51. João Granja, 2013. "The Relation Between Bank Resolutions and Information Environment: Evidence from the Auctions for Failed Banks," Journal of Accounting Research, Wiley Blackwell, vol. 51(5), pages 1031-1070, December.
  52. Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2014. "Liquidity Benefits From Underpricing: Evidence from Initial Public Offerings Listed at Karachi Stock Exchange," PIDE-Working Papers 2014:101, Pakistan Institute of Development Economics.
  53. Matthew J. Clayton & S. Abraham Ravid, 1999. "The Effect of Leverage on Bidding Behavior: Theory and Evidence from the FCC Auctions," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-055, New York University, Leonard N. Stern School of Business-.
  54. Gupta, Atul & LeCompte, Richard L. B. & Misra, Lalatendu, 1997. "Taxpayer subsidies in failed thrift resolution: The impact of FIRREA," Journal of Monetary Economics, Elsevier, vol. 39(2), pages 327-339, July.
  55. Eren Bilen & Deniz Dizdar & Chun‐Hui Miao, 2023. "Search less for a better price," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(2), pages 622-646, May.
  56. J. Mulherin & Kiplan Womack, 2015. "Competition, Auctions & Negotiations in REIT Takeovers," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 151-180, February.
  57. Michel A. Habib & Alexandre Ziegler, 2003. "Why Government Bonds Are Sold by Auction and Corporate Bonds by Posted-Price Selling," FAME Research Paper Series rp78, International Center for Financial Asset Management and Engineering.
  58. Miao, Chun-Hui, 2018. "Excessive Search," MPRA Paper 85818, University Library of Munich, Germany.
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