Bethel, Jennifer E.; Liebeskind, Julia Porter; Opler, Tim - In: Journal of Finance 53 (1998) 2, pp. 605-634
This paper investigates the causes and consequences of activist block share purchases in the 1980s. We find that activist investors were most likely to purchase large blocks of shares in highly diversified firms with poor profitability. Activists were not less likely to purchase blocks in firms...