On the different styles of large shareholders’ activism

Springer Science and Business Media LLC - Tập 11 Số 3 - Trang 229-267 - 2010
Jacob Oded1,2, Wang Yu3
1Boston University School of Management, Boston, USA
2Faculty of Management, Tel Aviv University, Tel Aviv, Israel
3Financial Research and Engineering, Investment and Capital Markets, Freddie Mac, McLean, USA

Tóm tắt

Từ khóa


Tài liệu tham khảo

Admati A, Pfleiderer P, Zechner J (1994) Large shareholder activism, risk-sharing, and financial market equilibrium. J Polit Econ 102: 1097–1130

Attari M, Banerjee S, Noe T (2006) Crushed by a rational stampede: strategic share dumping and shareholder insurrections. J Finance Econ 79: 181–222

Bebchuk L, Cohen A, Ferrell A (2009) What matters in corporate governance?. Rev Finance Stud 22: 783–827

Becht M, Franks J, Mayer C C, Rossi S (2009) Returns to shareholder activism: evidence from a clinical study of the Hermes UK focus fund. Rev Finance Stud 22: 3093–3130

Bhagat X, Black Y, Blair Z (2004) Relational investing and firm performance. J Finance Res 27: 1–30

Bradley M, Brav A, Goldstein I, Jiang W (2009) Activist arbitrage: a study of open-ending attempts of closed-end funds. J Financ Econ (forthcoming)

Carlton W, Nelson J, Weisbach M (1998) The influence of instituions on corporate governance through private negotiations: evidence from TIAA-CREF. J Finance 53: 1135–1362

Claessens S (1997) Corporate finance and equity prices: evidence from the Czech and Slovak republics. J Finance 52: 1641–1658

Cornelli F, Li D (2002) Risk arbitrage in takeovers. Rev Finance Stud 15: 837–868

Dlugosz J, Fahlenbrach R, Gompers P, Metrick A (2006) Large blocks of stocks: prevalence, size, and measurement. J Corp Finance 12: 594–618

Fudenberg D, Tirole J (1991) Game theory. The MIT Press, Cambridge

Glicksberg IL (1952) A further generalization of the Kakutani fixed point theorem with application to nash equilibrium points. Proc Natl Acad Sci USA 38: 170–174

Goldstein I, Guembel A (2008) Manipulation and the allocation role of prices. Rev Econ Stud 75: 133–164

Holderness C (2003) A survey of blockholders and corporate control. Econ Policy Rev 9: 51–64

Holderness C (2009) The myth of diffuse ownership in the United States. Rev Financ Stud 22: 1377–1408

Instefiord N (2009) Large shareholders and corporate valuation. Econ Governance 10: 297–321

Karpoff J (2001) The impact of shareholder activism on target companies: a survey of empirical findings. Working paper, University of Washington

Kahn C, Winton A (1998) Ownership structure, speculation, and shareholder intervention. J Finance 53: 99–129

La Porta R, Lopez-De-Silanes F, Shleifer A, Vishny R (1998) Law and finance. J Polit Econ 106: 1113–1155

La Porta R, Lopez-De-Silanes F, Shleifer A, Vishny R (2002) Investor protection and corporate valuation. J Finance 57: 1147–1170

Maug E (1998) Large shareholders as monitors: is there a tradeoff between liquidity and control. J Finance 53: 65–98

Noe T (2002) Investor activism and financial market structure. Rev Financ Stud 15: 289–317

Press W, Flannery B, Teukolsky S, Vetterling E (1988) Numerical recipes in C. Cambridge University Press, Cambridge

Shleifer A, Vishny R (1986) Large shareholders and corporate control. J Polit Econ 52: 227–252

Shleifer A, Vishny R (1997) A survey of corporate governance. J Finance 52: 737–783

Smith M (1996) Shareholder activism by institutional investors: evidence from CalPERS. J Finance 51: 737–783

Winton A (1993) Limitation of liability and the ownership structure of the firm. J Finance 48: 487–512