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Games, Volume 15, Issue 1

February 2024 - 5 articles

Cover Story: This paper presents a dynamic model of tender offers, incorporating trading during takeovers and the bidder's ability to freeze out target shareholders. Trading enables arbitrageurs with significant shareholdings to influence the bidding process, forcing bidders to offer higher preemptive bids. We find a positive correlation between the takeover premium and arbitrageurs' share accumulation before the announcement, especially in less liquid stocks. While freezeouts address the free-rider problem, front-end loaded bids do not benefit bidders due to arbitrageurs' ability to negate potential benefits. The takeover premium is unrelated to the bidder's post-acquisition ability to dilute target shareholders, also influenced by arbitrage activities. Our model offers insights into the dynamics and influencing factors of tender offers. View this paper
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Articles (5)

  • Editorial
  • Open Access
1 Citations
4,911 Views
4 Pages

Game Theory Applications to Socio-Environmental Studies, Development Economics, and Sustainability Research

  • Elkhan Richard Sadik-Zada,
  • Andrea Gatto,
  • Luigi Aldieri,
  • Giovanna Bimonte,
  • Luigi Senatore and
  • Concetto Paolo Vinci

31 January 2024

The present investigation elaborates on the level of game theory application for the applied and theoretical analyses of climate change and development studies. This editorial shows that the common good character of global climate alongside the incre...

  • Article
  • Open Access
2 Citations
2,722 Views
21 Pages

Nash Bargaining Game Enhanced Global Malmquist Productivity Index for Cross-Productivity Index

  • Reza Fallahnejad,
  • Mohammad Reza Mozaffari,
  • Peter Fernandes Wanke and
  • Yong Tan

24 January 2024

The Global Malmquist Productivity Index (GMPI) stands as an evolution of the Malmquist Productivity Index (MPI), emphasizing global technology to incorporate all-time versions of Decision-Making Units (DMUs). This paper introduces a novel approach, i...

  • Article
  • Open Access
1 Citations
2,785 Views
30 Pages

Equilibrium Selection in Hawk–Dove Games

  • Mario Blázquez de Paz and
  • Nikita Koptyug

31 December 2023

We apply three equilibrium selection techniques to study which equilibrium is selected in a hawk–dove game with a multiplicity of equilibria. By using a uniform-price auction as an illustrative example, we find that when the demand in the aucti...

  • Article
  • Open Access
1 Citations
3,769 Views
11 Pages

28 December 2023

In this article, we investigate the relative performance of artificial neural networks and structural models of decision theory by training 69 artificial intelligence models on a dataset of 7080 human decisions in extensive form games. The objective...

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Games - ISSN 2073-4336