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Crushed by a rational stampede: Strategic share dumping and shareholder insurrections [An article from: Journal of Financial Economics]
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Book Details
Author(s)
M. Attari, S. Banerjee, T.H. Noe
Publisher
Elsevier
ISBN / ASIN
B000RR7PXG
ISBN-13
978B000RR7PX1
Marketplace
France 🇫🇷
Description
This digital document is a journal article from Journal of Financial Economics, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
In this paper, we develop a dynamic model of institutional share dumping surrounding control events. Institutional investors sometimes dump shares, despite trading losses, in order to manipulate share prices and trigger activism by ''relationship'' investors. These institutional investors are motivated to trade not only by trading profits but also by a desire to protect the value of their inventory and to disguise the quality of their own information. Relationship investor profit from targeting firms both by improving firm performance and by generating private information.
Description:
In this paper, we develop a dynamic model of institutional share dumping surrounding control events. Institutional investors sometimes dump shares, despite trading losses, in order to manipulate share prices and trigger activism by ''relationship'' investors. These institutional investors are motivated to trade not only by trading profits but also by a desire to protect the value of their inventory and to disguise the quality of their own information. Relationship investor profit from targeting firms both by improving firm performance and by generating private information.
