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Activists, raiders, and directors: Opportunism and the balance of corporate power.

Abstract:

We model corporate governance in a world with competitive securities markets as well as markets for corporate assets. We show that varying the liquidity and opacity of corporate assets, the vitality of the market for corporate control, and the costs of enforcing shareholder rights to cash ows leads to a plethora of institutional designs. When asset liquidity is high, shareholder rights are enforced through the option to liquidate as in a mutual fund. When the opacity of corporate assets is r...

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Publisher:
Oxford Finance
Series:
Financial Economics Working Papers
Publication date:
2008-01-01
Language:
English
UUID:
uuid:603978c6-cf96-437c-90b6-e7b281101f2b
Local pid:
oai:economics.ouls.ox.ac.uk:14098
Deposit date:
2011-08-15

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