L'impact de la négociation et des prises de contrôles sur l'ampleur de l'effet de cliquet

Gilles Chemla

Annals of Economics and Statistics, 1999, issue 54, 157-171

Abstract: This paper considers a long-term relationship between a firm and a privately informed trading partner, say a buyer, when both parties bargain over a price in each period and when a takeover may take place. When takeovers are ruled out, having high bargaining power increases the firm's likelihood to exploit information previously revealed by the buyer in subsequent contract offers. This decreases the price which the firm can offer to induce the buyer to reveal his type. The possibility of a takeover by a raider with a bargaining power higher than the incumbent manager's increases the cost of information revelation to the buyer. This in turn leads the incumbent manager either to further decrease the price she charges to induce information revelation or to charge a semi-separating price, in which case the takeover is less likely to take place. In contrast, in the durable good monopolist case, information revelation decreases expected future profits and hence the incentive for takeover so that the possibility of takeover favors information revelation. (JEL D42, D82, G32, L14).

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1999:i:54:p:157-171

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