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dc.contributor.authorDe Maeseneire, Wouter
dc.date.accessioned2017-12-02T14:17:39Z
dc.date.available2017-12-02T14:17:39Z
dc.date.issued2005
dc.identifier.isbn90-5892-082-8
dc.identifier.urihttp://hdl.handle.net/20.500.12127/1748
dc.description.abstractSophisticated valuation techniques such as adjusted present value and real options, attract ever-increasing attention from theory and practice. A huge number of papers in the academic field provide various applications of these advanced tools, for instance valuing research and development, strategic alliances and real estate. Real options have also been used for valuing mergers and acquisitions. However, notwithstanding the rich knowledge about valuation models applicable for valuing takeovers, there remains a need to further develop theories about the distribution of the value creation between the target s and acquirer s shareholders. In other words, what part of the value creation can the acquirer appropriate? Strategic management literature underlines the impact of possessing unique capabilities, and both the strategic and financial literature emphasize the role of information asymmetry in explaining value appropriation in acquisitions. In this dissertation both simple and more complex valuation models are discussed, and we propose a real option-game model that analyzes the acquirer s value appropriation. In our valuation and value appropriation models, the specific resources and capabilities of the evaluator are considered. By explicitly taking the acquirer resources into account in the valuation analysis, and by developing a new application of a combined option-game model, this PhD thesis is taking a step in further bridging the gap between finance theory and strategic management.
dc.language.isoen
dc.publisherErasmus Universiteit Rotterdam
dc.subjectCorporate Finance
dc.subjectFirm Valuation
dc.subjectValue Appropriation
dc.titleEssays on firm valuation and value appropriation
vlerick.knowledgedomainAccounting & Finance
vlerick.supervisor
vlerick.typedissertationDissertation - Collection of articles
vlerick.vlerickdepartmentA&F
dc.identifier.vperid40574
dc.identifier.vpubid1979


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