In a simulated multi-round ascending takeover auction, toeholds raise the holder's profit but the deterrence channel they are supposed to provide disappears once the contest lasts more than one round.
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Does a Toehold Make a Bidder Bolder? Preemption and Multiplicity in Multi-Round Takeover Auctions
In a simulated multi-round ascending takeover auction, toeholds raise the holder's profit but the deterrence channel they are supposed to provide disappears once the contest lasts more than one round.