Merger failures
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- dc.contributor.author Banal Estañol, Albertca
- dc.contributor.author Seldeslachts, Joca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T12:07:59Z
- dc.date.available 2017-07-26T12:07:59Z
- dc.date.issued 2009-06-01
- dc.date.modified 2017-07-23T02:12:57Z
- dc.description.abstract This paper proposes an explanation as to why some mergers fail, based on the interaction between the pre- and post-merger processes. We argue that failure may stem from informational asymmetries arising from the pre-merger period, and problems of cooperation and coordination within recently merged firms. We show that a partner may optimally agree to merge and abstain from putting forth any post-merger effort, counting on the other partner to make the necessary efforts. If both follow the same course of action, the merger goes ahead but fails. Our unique equilibrium allows us to make predictions on which mergers are more likely to fail.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1192
- dc.identifier.uri http://hdl.handle.net/10230/6054
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1192
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword mergers
- dc.subject.keyword synergies
- dc.subject.keyword asymmetric information
- dc.subject.keyword complementarities
- dc.subject.keyword Business Economics and Industrial Organization
- dc.subject.keyword Finance and Accounting
- dc.subject.keyword Operations Management
- dc.title Merger failuresca
- dc.type info:eu-repo/semantics/workingPaper