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Articles by Oliver Levine
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.
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University of Chicago Law School and University of Michigan Date Posted: 21 Dec 2006 Last Revised: 17 Jul 2009
The Cost of Keeping Companies in U.S. | RealClearMarkets
The Cost of Keeping Companies in U.S.
The Cost of Keeping Companies in the United States
How should we stop corporations from leaving the United States, as both presidential candidates have vowed to do? After Pfizer announced this year that it wanted to merge with the Ireland-based Allergan in a maneuver known as a corporate inversion, the Obama administration put in new tax rules that effectively scuttled the deal.
Man Crush Monday
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Every Joey Votto story that comes out anymore is weird. Thank god this year is over. Hope he can come back even 90% of what he used to be. He is having an unreal season and historic 2nd half. It's too bad the are too pathetic for any of it to matter He is so odd it's hard to be a fan of him. How do you shut down your foundation with 10 more years on your deal? It ANNOYS THE HELL out of me that Bryan Price can't just say "he is done for the year." They'd be CRAZY to play him.
By Michael Brown, Sapere aude, Shannon Hayden, Rick Broering, Casey Kitko, Hayden Clark, Eric Rolfes, Oliver Levine, Chris Garber, Harry Yeprem Jr., John Garrison, James Rapien Verified, Stephanie Veldman, Not James Vogel, Thomas Ballinger, El Maquino, Andrew Englehart, Ray Guilfoyle, JD Rentz, Bradley Scheidler, Andrew Luptak, Kyle Levier, Tyler Tavel, Rick Yu, Ryan Onodera
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