期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2008
卷号：1
出版社：Monash University
摘要：We study a voluntary pre-merger notification game under asymmetric information
and characterize perfect Bayesian equilibria. It is shown that the equilibrium outcomes
are similar to those when notification is compulsory. However, thanks to
the signaling opportunity that arises when notification is voluntary, voluntary notification
leads to lower enforcement costs for the regulator and lower notification
costs for the merging parties. Some of the theoretical predictions are supported
by exploratory empirical tests using merger data from Australia where pre-merger
notification is voluntary. Overall, our results suggest that voluntary merger notification
may achieve objectives similar to those achieved by compulsory systems
at lower costs to the parties as well as to the regulator.
