| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22893 |
| 来源ID | Working Paper 22893 |
| Activism, Strategic Trading, and Liquidity | |
| Kerry Back; Pierre Collin-Dufresne; Vyacheslav Fos; Tao Li; Alexander Ljungqvist | |
| 发表日期 | 2016-12-05 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We analyze dynamic trading by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology, including both binary and continuous outcomes. Variation in parameters can produce either positive or negative relations between market liquidity and economic efficiency, depending on the activism technology and model parameters. Two results that contrast with the previous literature are that (a) the relation between market liquidity and economic efficiency is independent of the activist's initial stake for a broad set of activism technologies and (b) an increase in noise trading can reduce market liquidity, because it increases uncertainty about the activist's trades (the activist trades in the opposite direction of noise traders) and thereby increases information asymmetry about the activist's intentions. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w22893 |
| 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/580566 |
| 推荐引用方式 GB/T 7714 | Kerry Back,Pierre Collin-Dufresne,Vyacheslav Fos,et al. Activism, Strategic Trading, and Liquidity. 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 | ||
| w22893.pdf（617KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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