Wirtschaftswissenschaft

Onur A. Koska, Frank Stähler

Optimal Acquisition Strategies in Unknown Territories

Jahrgang 170 () / Heft 3, S. 406-426 (21)

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We investigate the optimal acquisition strategy of an investor who wants to acquire a target firm under incomplete information. The response to acquisition offers signals firm productivity, affecting future competition. We identify a competition effect (firms compete for acquisition) and a revelation effect (firms signal productivity). These effects reduce the rejection profits and increase the acceptance probability. If the investor makes simultaneous offers, the revelation effect is a potential threat: a firm may signal low productivity, but may not be acquired. If, however, the investor makes offers sequentially, this threat does not exist, making sequential offers the optimal acquisition strategy.
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Onur A. Koska Keine aktuellen Daten verfügbar.

Frank Stähler Geboren 1962; Studium der Volkswirtschaftslehre in Marburg und Münster, 1991 Promotion; 1992–98 wiss. Mitarbeiter am Institut für Weltwirtschaft in Kiel; 1997 Habilitation; seit 1998 Akademischer Rat an der Universität Kiel.