We model activism as it affects the future distribution of prices in a portfolio context with risk-averse expected utility of end-of-period wealth maximizing investors. We characterize activism as affecting the mean, the variance, and/or the covariance of the target firm’s price with the...

We consider agents in a country in an early stage of transition from a planned to a market economy. As the transition is in progress, the nature of the government's policies are unknown to the agents. Property rights once held by the state have already been transferred to the agents, with each...

We consider a financial market equilibrium with correlated firms, risk averse investors holding diversified portfolios, and an activist investor who has the ability to perform value-enhancing activities that increase with ownership. By combining a standard financial market equilibrium with a...