CHOOSING THE METHOD OF SALE - A CLINICAL-STUDY OF CONRAIL
成果类型：
Article
署名作者：
BALDWIN, CY; BHATTACHARYYA, S
署名单位：
Carnegie Mellon University
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
发表日期：
1991
页码：
69-98
关键词：
摘要：
This paper analyzes the sale of Conrail (Consolidated Rail Corporation) and finds three problems: first, a contingent claim gave the seller (the U.S. Government) conflicting objectives; second, bidders in the auction valued Conrail differently and thus did not compete effectively; and third, Conrail's management had an information advantage over the seller and outside bidders. These three factors can be present in any corporate divestiture and will tend to decrease the seller's revenue. We discuss how different methods of sale (e.g., two-stage auctions and parallel secret negotiations) will counteract these problems to varying degrees, although we find no single 'best' method.