This paper reexamines the analysis in Maug (1998) on the relationship between market liquidity and large shareholder activism. Taking explicitly into account the effect of a majority requirement for intervention in the management of a firm, we show that, contrary to Maug's claim, there is a range of parameter values for which increases in market liquidity decrease the probability of intervention.
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Paper provided by Centro de Estudios Monetarios Y Financieros- in its series Papers with number
9912.
Length: 12 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:cemfdt:9912
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