A Game Theoretic Study of Enterprise Mergers and Acquisitions: The Case of RJR Nabisco Being Acquired by KKR

Yanqing Jiang, Jian Yuan, Mengmeng Zeng
2016 Business and Management Studies  
There are both macro-and micro-level studies concerning enterprise mergers and acquisitions (M&A). Past studies have focused on M&A valuation, utility of the M&A motives and the strategic behavior during of the M&A process. Few game theory methods in the application of M&A stay mostly in the analysis of Nash equilibrium under the complete information static game. This paper thus aims to analyze the M&A behavior of enterprises within the framework of incomplete information dynamic game, combined
more » ... with sub-game perfect Nash equilibrium of complete information dynamic game and Bayesian Nash equilibrium of incomplete information.
doi:10.11114/bms.v2i2.1552 fatcat:tmqex2m6jndrzlp7wdhf5gbbwm