Activism and Takeovers. (10th April 2021)
- Record Type:
- Journal Article
- Title:
- Activism and Takeovers. (10th April 2021)
- Main Title:
- Activism and Takeovers
- Authors:
- Burkart, Mike
Lee, Samuel - Editors:
- Cornelli, Francesca
- Abstract:
- Abstract: We compare activism and takeovers from the perspective of a blockholder who can provide effort to improve firm value. We show that free-riding behavior by dispersed shareholders has the following implications: First, activism can be more profitable than a hostile takeover even if it is less efficient. Second, activism is most efficient when it brokers, rather than substitutes for, takeovers. Third, such takeover activism earns superior returns. More broadly, our theory implies that activists specialize in governance reforms with limited, temporary ownership being a strength rather than a shortcoming of activism.
- Is Part Of:
- Review of financial studies. Volume 35:Number 4(2022)
- Journal:
- Review of financial studies
- Issue:
- Volume 35:Number 4(2022)
- Issue Display:
- Volume 35, Issue 4 (2022)
- Year:
- 2022
- Volume:
- 35
- Issue:
- 4
- Issue Sort Value:
- 2022-0035-0004-0000
- Page Start:
- 1868
- Page End:
- 1896
- Publication Date:
- 2021-04-10
- Subjects:
- G34 -- G23
Finance -- United States -- Periodicals
Finance -- Periodicals
332 - Journal URLs:
- http://rfs.oxfordjournals.org/ ↗
http://www.jstor.org/journals/08939454.html ↗
http://www3.oup.co.uk/revfin/ ↗
http://ukcatalogue.oup.com/ ↗ - DOI:
- 10.1093/rfs/hhab039 ↗
- Languages:
- English
- ISSNs:
- 0893-9454
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 7790.565000
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 20758.xml