Game Theoretical REIT Acquisitions

Ashni Vengetass, Boitumelo Nkuna () and Tim Kamore ()
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Ashni Vengetass: School of Construction Economics & Management, WITS University, Johannesburg 2050, South Africa
Boitumelo Nkuna: School of Construction Economics & Management, WITS University, Johannesburg 2050, South Africa
Tim Kamore: School of Construction Economics & Management, WITS University, Johannesburg 2050, South Africa

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2024, vol. 27, issue 04, 1-28

Abstract: This study conceptualized and created the three-person cooperative game. To date, the existing cooperative game is the two-person cooperative game by [Nash, J (1953). Two-person cooperative games. Econometrica, 21(1), 128-140]. The three-person cooperative game leads to cross-subsidization. Therefore, in the context of real estate investment trust (REIT) acquisitions, friendly deals are more beneficial than hostile mergers. The latter finding is consistent with prior studies such as [Womack, KS (2012). Real estate mergers: Corporate control & shareholder wealth. The Journal of Real Estate Finance and Economics, 44(4), 446–471].

Keywords: Acquisition; game theory; REIT (search for similar items in EconPapers)
JEL-codes: G13 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0219091524500322

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