The Winners Curse in Bilateral Negotiations
The Winners Curse in Bilateral Negotiations
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In our eReader you can find the full English version of the book. Read The Winners Curse in Bilateral Negotiations Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Winners Curse in Bilateral Negotiations
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5. Concluding Remarks .
The key feature In the bargaining setting is the presence of asymmetric information — the fact that the target has better information about the value of the company than does the acquirer. The experimental evidence suggests that many acquirers failed to adjust their bids/offers accordingly in light of this difference In Information. As a result, a sizable minority of subjects in Version 1 and the vast majority in Version 2 suffered expected losses in the exercise. Once r...ecognized, the asymmetry of information should put the less well-informed party on its guard. For instance, the management board of -23- the acquiring firm might undertake the following line of reasoning in making an offer: If we offer a price that is readily accepted, what inference can we draw about the target's true worth? Are we going to be sold a "bill of goods"? After all, it is more likely that target management will unload an ailing company than a healthy one. If our bid is accepted, will we be getting what we paid for or even less than what we paid for?
What to read after The Winners Curse in Bilateral Negotiations?
You can find similar books in the "Read Also" column, or choose other free books by William Samuelson to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
5. Concluding Remarks .
The key feature In the bargaining setting is the presence of asymmetric information — the fact that the target has better information about the value of the company than does the acquirer. The experimental evidence suggests that many acquirers failed to adjust their bids/offers accordingly in light of this difference In Information. As a result, a sizable minority of subjects in Version 1 and the vast majority in Version 2 suffered expected losses in the exercise. Once r...ecognized, the asymmetry of information should put the less well-informed party on its guard. For instance, the management board of -23- the acquiring firm might undertake the following line of reasoning in making an offer: If we offer a price that is readily accepted, what inference can we draw about the target's true worth? Are we going to be sold a "bill of goods"? After all, it is more likely that target management will unload an ailing company than a healthy one. If our bid is accepted, will we be getting what we paid for or even less than what we paid for?
What to read after The Winners Curse in Bilateral Negotiations?
You can find similar books in the "Read Also" column, or choose other free books by William Samuelson to read onlineMoreLess
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