Auctions in Corporate Finance*
Sudipto Dasguptadasgupta@ust.hk Department of Finance, Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong
Robert G. Hansenrobert.g.hansen@dartmouth.edu Tuck School of Business, Dartmouth College, Hanover, NH 03755, USA
Abstract
This paper reviews the applications of auction theory to corporate finance. It starts with a review of the main auction theory frameworks and the major results. It then goes on to discuss how auction theory can be applied, in the context of the market for corporate control, not only to “inform” a company’s board or regulators, but also to understand some of the observed empirical evidence on target and bidder returns. It then considers the role ...
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