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Keywords: winner's curse
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Journal Articles
The Accounting Review (2022) 97 (4): 345–370.
Published: 01 July 2022
... that withholding information creates a winner's curse, thereby serving as a preemption device that deters the rival's participation. In turn, an endogenous disclosure cost arises that induces the informed bidder to optimally withhold favorable information to minimize the acquisition price—breaking down...