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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 flows 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 ...

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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
Department of Economics Discussion Paper Series
Publication date:
2008-01-01
Paper number:
2008fe09
Keywords:
Pubs id:
600752
Local pid:
pubs:600752
Deposit date:
2020-12-14

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