Analyzing Optimal Timing of Merger and Acquisition Under Cooperation Opportunism in Real Options and Game-theoretic Framework

摘要

This paper examines the optimal timing and strategy of cooperative merger and acquisition under merger promot er with cooperation opportunism. We incorporate private investment in public equity as the way of raising merger fund and deduce the value function and waiting option of merger manager to get threshold value by real option method. And then with different estimation of successful probability that merger manage holding,we analyse mer ger manager’s strategy combining with numerical by con sideriag reaction of merger promoter under incomplete information.