现代产业经济学系列讲座第129期
主题：A tale of two strategies: Mergers and divestitures
主讲人：周文教授（香港大学）
主持人：姚志勇副教授
时间：2016年1月11日，上午10：00 –11：30
地点：思源楼326室
摘要：There is ample evidence that most mergers turn out to be unprofitable. So far the major explanation is that managers pursue their private interest at the expense of the companies. We propose a new explanation: firms pursue unprofitable merger in order to preempt an even worse outcome: divestiture by one or both merging firms or by a third firm. We demonstrate that under fairly general conditions, there is always a non-empty area in the parameter space where an unprofitable merger takes place in equilibrium.
产业经济学系
2016-1-8
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