| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14995 |
| DP14995 Value creation in Shareholder Activism: A Structural Approach | |
| Rui Albuquerque; Vyacheslav Fos; Enrique Schroth | |
| 发表日期 | 2020-07-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We model an investor’s choice between filing Schedules 13D and 13G and use the model to estimate expected returns to activist and passive investing. Using the model, we decompose average Schedule 13D filing announcement returns into treatment (75.2%), stock picking (12.2%), and sample selection components (12.6%). The treatment component of Schedule 13D announcement returns predicts improvements in firm performance and a lower probability of a proxy contest, suggesting that our estimate of the treatment component identifies more effective activism campaigns. Counterfactual analysis shows that if all investors shared the private cost of activism, a large fraction of Schedule 13G filings would have been filed as Schedule 13D, resulting in substantial firm value gains. |
| 主题 | Financial Economics |
| 关键词 | Shareholder activism Value creation Passive investors Stock picking Structural estimation |
| URL | https://cepr.org/publications/dp14995-1 |
| 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/543943 |
| 推荐引用方式 GB/T 7714 | Rui Albuquerque,Vyacheslav Fos,Enrique Schroth. DP14995 Value creation in Shareholder Activism: A Structural Approach. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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