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Articles by Francesco E. Celentano
Shareholder Activism, Takeovers, and Managerial Discipline
We quantitatively assess the role of activism in the market for corporate control by developing and estimating a model featuring both activism and M&A. We find that activism complements M&A, reducing the agency frictions associated with takeovers. However, activism simultaneously crowds out some M&A activity by substituting for disciplinary takeovers.
Activism and Takeovers: Friends or Competitors?
Shareholder activism and corporate takeovers are usually presented as two different ways of dealing with the same corporate governance problem. When managers fail to maximise firm value, an activist can intervene and demand change or an acquirer can take control and replace the management team. This familiar account raises a deceptively simple question. If activists discipline managers and improve companies from within, do they reduce the need for takeovers?
The Dual Role of Shareholder Activism in the M&A Market
Hedge funds and other activist shareholders are taking an increasingly active role in monitoring and influencing the decisions of public companies. While the specifics of activist campaigns vary, it’s generally a simple process: An investor buys a large equity stake in the target company and then pressures management and the board to take an action that they believe will increase the value of those shares.
Why Firms Often Don't Have a CEO Succession Plan?
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La disperazione si può regolare? Il non respingimento europeo e la migrazione
2 Marzo 2023 Dal 2016 esiste un Regolamento dell’Unione Europea che enuncia un principio: quello di “non respingimento”. Si tratta dell’art. 14 del Reg. UE n. 2016/1624 che, in buona sostanza, costituisce lo scheletro normativo di Frontex ovvero l’Agenzia europea della guardia di frontiera e costiera fondata nel 2004.
Le perle di saggezza del cardinale Muller
Dopo il libro, le interviste. Certo, in fondo il cardinale Muller, ex-prefetto della Congregazione per la Dottrina della Fede, avrebbe anche qualche ragione. Si capisce la sofferenza emotiva: ha 75 anni, si sente giovanissimo, non ha digerito la defenestrazione operata da papa Francesco. E argomenta: il Papa ha un cerchio magico di persone poco competenti che lo consigliano.
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