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Cited by 907

The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.

The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice

Open access
Admati, Anat R., Pfleiderer, Paul·2009·Review of Financial Studies
DOI 10.1093/rfs/hhp037
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Abstract

We examine whether a large shareholder can alleviate conflicts of interest between managers and shareholders through the credible threat of exit on the basis of private information. In our model, the threat of exit often reduces agency costs, but additional private information need not enhance the effectiveness of the mechanism. Moreover, the threat of exit can produce quite different effects depending on whether the agency problem involves desirable or undesirable actions from shareholders' perspective. Our results are consistent with empirical findings on the interaction between managers and minority large shareholders and have further empirical implications.

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Metadata

Authors
Admati, A. R., & Pfleiderer, P.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2009-05-18
Volume
22
Issue
7
Pages
2645-2685
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhp037
OpenAlex
W2105094633
Cited by
907
References
30
FWCI
135.20
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice. https://app.cochat.ai/papers/10.1093/rfs/hhp037
The paper
Admati, A. R., & Pfleiderer, P. (2009). The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice. Review of Financial Studies. https://doi.org/10.1093/rfs/hhp037

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.