| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22707 |
| 来源ID | Working Paper 22707 |
| Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism | |
| Ian R. Appel; Todd A. Gormley; Donald B. Keim | |
| 发表日期 | 2016-10-03 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We analyze whether the growing importance of passive investors has influenced the campaigns, tactics, and successes of activists. We find activists are more likely to pursue changes to corporate control or influence (e.g., via board representation) and to forego more incremental changes to corporate policies when a larger share of the target company’s stock is held by passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of proxy fights and a higher likelihood the activist obtains board representation or the sale of the targeted company. Overall, our findings suggest that the increasingly large ownership stakes of passive institutional investors mitigate free-rider problems associated with certain forms of intervention and ultimately increase the likelihood of success by activists. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w22707 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580380 |
| 推荐引用方式 GB/T 7714 | Ian R. Appel,Todd A. Gormley,Donald B. Keim. Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22707.pdf（419KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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