Analyzing Optimal Timing of Merger and Acquisition Under Cooperation Opportunism in Real Options and Game-theoretic Framework

摘要：

This paper examines the optimal timing and strategy of cooperative merger and acquisition under merger promot er with cooperation opportunism. We incorporate private investment in public equity as the way of raising merger fund and deduce the value function and waiting option of merger manager to get threshold value by real option method. And then with different estimation of successful probability that merger manage holding,we analyse mer ger manager’s strategy combining with numerical by con sideriag reaction of merger promoter under incomplete information.

关键词： Optimal timing option game cooperation opportunism merger manager merger promoter

作者: BIAN Lu HU Wenxiu ZHANG Jiangpeng

作者单位: School of Business Administration,Xian University of Technology,P. R. China School of Management,Xian University of Architecture and Technology,P. R. China

会议类型: 国际会议

会议名称: Zhengzhou Conference Conference on Management of Technology(2009郑州技术管理研讨会 MOT2009)

会议地点: 郑州

会议语种:英文

页码: 721-725

在线出版日期: 2009-04-17（万方平台首次上网日期，不代表论文的发表时间）