مداخله سهامداران، مقاومت مدیریتی و کنترل شرکت های بزرگ: یک رویکرد تعادل نش

Anecdotal and empirical evidence suggest that some large shareholders initiate takeover attempts while others remain passive, and that target managements sometimes cooperate and sometimes resist. We model the takeover mechanism using a two-player game of incomplete information. The results of the paper are contained in three broad classes of equilibria: separating, pooling and partial pooling. The partial pooling equilibria offer the best match to the anecdotal evidence. In these equilibria, all strong and some weak investors attempt to takeover; some managers cooperate while others resist. The model offers various testable implications and links to the empirical corporate control literature.