Activism and Takeovers
从大股东视角比较积极主义与收购，发现搭便车行为使积极主义在效率较低时仍可能更有利可图，且积极主义在促成而非替代收购时最有效。
Abstract We compare activism and takeovers from the perspective of a blockholder who can provide effort to improve firm value. We show that free-riding behavior by dispersed shareholders has the following implications: First, activism can be more profitable than a hostile takeover even if it is less efficient. Second, activism is most efficient when it brokers, rather than substitutes for, takeovers. Third, such takeover activism earns superior returns. More broadly, our theory implies that activists specialize in governance reforms with limited, temporary ownership being a strength rather than a shortcoming of activism.