G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12616
DP12616 Activism and Takeovers
Mike Burkart; Samuel Lee
发表日期2018-01-18
出版年2018
语种英语
摘要At the core of agency problems in widely held firms is a dual coordination failure: Dispersed shareholders neither share in the cost of governance interventions (ex post free riding) nor sell shares unless the price at least matches the expected value improvement (ex ante free riding). Whether to confront the free-rider problem in its ex post or ex ante variant amounts to the choice between activism and takeovers. For small toeholds, the returns to these governance mechanisms have inverse comparative statics, and though less efficient, activism is more profitable when the potential value improvement is large. Activists are most effective when, instead of restructuring firms themselves, they broker takeovers. Such takeover activism is Pareto-improving and should earn superior returns, in part because it must pay more than what could be earned by free-riding on a tender offer instead.
主题Financial Economics
关键词Free-rider problem Hedge fund activism Takeover activism Tender offers Market for corporate control Blockholders M&a
URLhttps://cepr.org/publications/dp12616
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/541428
推荐引用方式
GB/T 7714
Mike Burkart,Samuel Lee. DP12616 Activism and Takeovers. 2018.
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