Do auctions induce a winner's curse¶
Boone, A. L., & Mulherin, J. H. (2008). Do auctions induce a winner's curse. Journal of Financial Economics, 89(1), 1-19.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Winner's Curse
- This supplies a structural explanation for the persistent empirical finding that acquirers in competitive takeover contests earn poor post-deal returns, the "diminishing returns to bidding" that corporate-finance scholars have documented across decades of merger waves.
This sourceEmpirical takeover-auction study testing the winner's-curse prediction that bidder returns fall with the level of competition and target-value uncertainty, documenting the "diminishing returns to bidding" pattern.
- This supplies a structural explanation for the persistent empirical finding that acquirers in competitive takeover contests earn poor post-deal returns, the "diminishing returns to bidding" that corporate-finance scholars have documented across decades of merger waves.
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