The Insiders' Dilemma: An Experiment on Merger Formation
作者： Johan Stennek , Tobias Lindqvist
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摘要: This paper tests the insiders' dilemma hypothesis in a laboratory experiment. The means that profitable merger does not occur, because it is even more for each firm to unilaterally stand as an outsider (Stigler, 1950; Kamien and Zang, 1990 1993). experimental data provides support dilemma, thereby endogenous rather than exogenous theory. More surprisingly, our suggests fairness (or relative performance) considerations also make mergers difficult. Mergers should occur equilibrium do not, since they require unequal split of surplus.
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