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Block Share Purchases and Corporate Performance
Open accessAbstract
This paper investigates the causes and consequences of activist block share purchases in the 1980s. We find that activist investors were most likely to purchase large blocks of shares in highly diversified firms with poor profitability. Activists were not less likely to purchase blocks in firms with shark repellents and employee stock ownership plans. Activist block purchases were followed by increases in asset divestitures, decreases in mergers and acquisitions, and abnormal share price appreciation. Industry‐adjusted operating profitability also rose. This evidence supports the view that the market for partial corporate control plays an important role in limiting agency costs in U.S. corporations.
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Citations
Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
A Theory of Dividends Based on Tax Clienteles
Allen, F., Bernardo, A. E., & Welch, I. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00298 · Cited by 852
The impact of institutional ownership on corporate operating performance
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2006.08.006 · Cited by 760
Universal banking and the performance of German firms
Gorton, G., & Schmid, F. A. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00066-0 · Cited by 678
Institutional Investors and Executive Compensation
Hartzell, J. C., & Starks, L. T. (2000) · SSRN Electronic Journal · doi:10.2139/ssrn.236592 · Cited by 632
Classified boards, firm value, and managerial entrenchment
Faleye, O. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.01.005 · Cited by 550
Metadata
- Authors
- Bethel, J. E., Liebeskind, J. P., & Opler, T.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1998-04
- Volume
- 53
- Issue
- 2
- Pages
- 605-634
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2127399406
- Cited by
- 461
- References
- 2
- FWCI
- 71.74
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Bethel, J. E., Liebeskind, J. P., & Opler, T. (1998). Block Share Purchases and Corporate Performance. The Journal of Finance. https://doi.org/10.1111/0022-1082.244195
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.
