{"id":"https://openalex.org/W2132961908","doi":"https://doi.org/10.1093/rfs/1.1.89","title":"Successful Takeovers without Exclusion","display_name":"Successful Takeovers without Exclusion","publication_year":1988,"publication_date":"1988-01-01","ids":{"openalex":"https://openalex.org/W2132961908","doi":"https://doi.org/10.1093/rfs/1.1.89","mag":"2132961908"},"language":"en","primary_location":{"id":"doi:10.1093/rfs/1.1.89","doi":"https://doi.org/10.1093/rfs/1.1.89","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/1.1.89","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5090515998","display_name":"Mark E. Bagnoli","orcid":"https://orcid.org/0000-0002-0614-3008","observed_orcids":["https://orcid.org/0000-0002-0614-3008"]},"institutions":[{"id":"https://openalex.org/I27837315","display_name":"University of Michigan","ror":"https://ror.org/00jmfr291","country_code":"US","type":"education","lineage":["https://openalex.org/I27837315"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Mark Bagnoli","raw_affiliation_strings":["University of Michigan","1University of Michigan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Michigan","institution_ids":["https://openalex.org/I27837315"]},{"raw_affiliation_string":"1University of Michigan","institution_ids":["https://openalex.org/I27837315"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5112521096","display_name":"Barton L. Lipman","orcid":"https://orcid.org/0009-0002-6205-4007","observed_orcids":["https://orcid.org/0009-0002-6205-4007"]},"institutions":[{"id":"https://openalex.org/I74973139","display_name":"Carnegie Mellon University","ror":"https://ror.org/05x2bcf33","country_code":"US","type":"education","lineage":["https://openalex.org/I74973139"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Barton L. Lipman","raw_affiliation_strings":["Carnegie-Mellon University","2Carnegie Mellon University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Carnegie-Mellon University","institution_ids":["https://openalex.org/I74973139"]},{"raw_affiliation_string":"2Carnegie Mellon University","institution_ids":["https://openalex.org/I74973139"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5090515998"],"corresponding_institution_ids":["https://openalex.org/I27837315"],"apc_list":{"value":4028,"currency":"USD","value_usd":4028},"apc_paid":null,"fwci":11.6159,"has_fulltext":false,"cited_by_count":214,"citation_normalized_percentile":{"value":0.97958419,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"1","issue":"1","first_page":"89","last_page":"110"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9672999978065491,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9672999978065491,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.013199999928474426,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11031","display_name":"Game Theory and Applications","score":0.0035000001080334187,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-acquisition","display_name":"corporate acquisition","score":0.8109999895095825},{"id":"https://openalex.org/keywords/free-rider-problem","display_name":"free-rider problem","score":0.8460000157356262}],"concepts":[{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.8859400749206543},{"id":"https://openalex.org/C2780596892","wikidata":"https://www.wikidata.org/wiki/Q21493218","display_name":"Grossman","level":2,"score":0.7099936604499817},{"id":"https://openalex.org/C151201525","wikidata":"https://www.wikidata.org/wiki/Q177239","display_name":"Limit (mathematics)","level":2,"score":0.6037885546684265},{"id":"https://openalex.org/C134121241","wikidata":"https://www.wikidata.org/wiki/Q899301","display_name":"Yield (engineering)","level":2,"score":0.4745379686355591},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.44632336497306824},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.42800623178482056},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.38798537850379944},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.16628634929656982},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.14097702503204346},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.06818196177482605},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.0},{"id":"https://openalex.org/C97355855","wikidata":"https://www.wikidata.org/wiki/Q11473","display_name":"Thermodynamics","level":1,"score":0.0},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/rfs/1.1.89","doi":"https://doi.org/10.1093/rfs/1.1.89","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/1.1.89","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","score":0.5473999977111816,"display_name":"Peace, justice, and strong institutions"}],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/10","score":0.8399999737739563,"display_name":"Reduced inequalities"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":18,"referenced_works":["https://openalex.org/W115425844","https://openalex.org/W588711944","https://openalex.org/W1531758582","https://openalex.org/W1584950101","https://openalex.org/W1970113817","https://openalex.org/W1975632476","https://openalex.org/W1980700045","https://openalex.org/W1989182168","https://openalex.org/W1991795148","https://openalex.org/W2048217327","https://openalex.org/W2055058434","https://openalex.org/W2134534094","https://openalex.org/W2135241016","https://openalex.org/W2751862591","https://openalex.org/W2797152590","https://openalex.org/W2986719485","https://openalex.org/W3121780843","https://openalex.org/W4212858916"],"related_works":["https://openalex.org/W2388821083","https://openalex.org/W1575054848","https://openalex.org/W2063745271","https://openalex.org/W3027897890","https://openalex.org/W1531758582","https://openalex.org/W2058553177","https://openalex.org/W1975866919","https://openalex.org/W2030571835","https://openalex.org/W2889615093","https://openalex.org/W2134188020"],"abstract_inverted_index":{"While":[0],"most":[1],"takeover":[2],"models":[3,41],"assume":[4],"atomistic":[5],"stockholders,":[6],"we":[7,102],"analyze":[8],"a":[9],"single-raider":[10],"model":[11],"with":[12],"finitely":[13],"many":[14],"stockholders.":[15],"Because":[16],"the":[17,28,58,77,87,90,108],"raider":[18,59],"can":[19,26],"always":[20],"make":[21,61],"some":[22],"stockholders":[23,62],"pivotal,":[24],"he":[25],"overcome":[27],"free-rider":[29],"problem":[30],"identified":[31],"by":[32],"Grossman":[33],"and":[34,37,42,69,93],"Hart":[35],"(1980)":[36],"others":[38],"in":[39],"atomistic-stockholder":[40],"profitably":[43],"take":[44],"over":[45],"even":[46],"without":[47],"exclusion.":[48],"One":[49],"might":[50],"expect":[51],"that":[52,70,104],"it":[53],"would":[54,72],"be":[55],"harder":[56],"for":[57],"to":[60,107],"of":[63,89,110],"more":[64],"widely":[65],"held":[66],"firms":[67],"pivotal":[68],"exclusion":[71,98,105],"thus":[73],"become":[74],"necessary;":[75],"however,":[76],"infinite-stockholder":[78],"game":[79,92],"cannot":[80],"yield":[81],"this":[82],"conclusion.":[83],"We":[84],"also":[85],"consider":[86],"limit":[88],"finite-stockholder":[91],"give":[94],"conditions":[95],"under":[96],"which":[97],"is":[99],"unnecessary.":[100],"Finally,":[101],"show":[103],"leads":[106],"possibility":[109],"inefficient":[111],"takeovers.":[112]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":6},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":7},{"year":2014,"cited_by_count":8},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":7}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
