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Investor Activism and Financial Market Structure
Abstract
This article investigates investor activism when there are a number of strategic investors that are capable of intervening in corporate governance. These strategic investors can monitor and/or trade in anonymous financial markets. In equilibrium, a core group of monitoring investors emerges endogenously to curtail managerial opportunism. These core activists both intervene and trade aggressively. Although the smallest investors are passive, there is no monotonic relationship between the size of preexisting shareholdings and activism. In fact, among those investors who choose activism, those with the smallest holdings are the most aggressive.
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Citations
Cited by
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
Institutional Investors and Executive Compensation
Hartzell, J. C., & Starks, L. T. (2000) · SSRN Electronic Journal · doi:10.2139/ssrn.236592 · Cited by 632
Starks, L. T. (2009) · Financial Review · doi:10.1111/j.1540-6288.2009.00225.x · Cited by 233
Metadata
- Authors
- Noe, T. H.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-01
- Volume
- 15
- Issue
- 1
- Pages
- 289-318
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W1971926591
- Cited by
- 239
- References
- 0
- FWCI
- 20.86
- Type
- journal article
- Language
- en
- Open access
- closed
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- Noe, T. H. (2002). Investor Activism and Financial Market Structure. Review of Financial Studies. https://doi.org/10.1093/rfs/15.1.289
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
