If at First You Don’t Succeed: The Effect of the Option to Resolicit on Corporate Takeovers
建模并实验模拟了收购方在要约被拒后有权重新要约时，搭便车问题如何加剧，导致收购方收益降至协同价值3%以下。
This article models, and experimentally simulates, the free-rider problem in a takeover when the raider has the option to “resolicit,” that is, to make a new offer after an offer has been rejected. In theory, the option to resolicit, by lowering offer credibility, increases the dissipative losses associated with free riding. The outcomes of our experiment support this prediction and produce losses from free riding even higher than theoretically predicted. These dissipation losses reduce raider gains to less than 3% of synergy value of the acquisition