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Crushed by a rational stampede: Strategic share dumping and shareholder insurrections

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  • Attari, Mukarram
  • Banerjee, Suman
  • Noe, Thomas H.

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  • Attari, Mukarram & Banerjee, Suman & Noe, Thomas H., 2006. "Crushed by a rational stampede: Strategic share dumping and shareholder insurrections," Journal of Financial Economics, Elsevier, vol. 79(1), pages 181-222, January.
    • Handle: RePEc:eee:jfinec:v:79:y:2006:i:1:p:181-222
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    1. Boot, Arnoud W A & Thakor, Anjan V, 1993. "Security Design," Journal of Finance, American Finance Association, vol. 48(4), pages 1349-1378, September.
    2. Itay Goldstein & Alexander Gümbel, 2002. "Manipulation, the allocational role of prices and production externalities," OFRC Working Papers Series 2002fe02, Oxford Financial Research Centre.
    3. Mark Bagnoli & Barton L. Lipman, 1996. "Stock Price Manipulation Through Takeover Bids," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 124-147, Spring.
    4. Russ Wermers, 1999. "Mutual Fund Herding and the Impact on Stock Prices," Journal of Finance, American Finance Association, vol. 54(2), pages 581-622, April.
    5. Glosten, Lawrence R. & Milgrom, Paul R., 1985. "Bid, ask and transaction prices in a specialist market with heterogeneously informed traders," Journal of Financial Economics, Elsevier, vol. 14(1), pages 71-100, March.
    6. Parrino, Robert & Sias, Richard W. & Starks, Laura T., 2003. "Voting with their feet: institutional ownership changes around forced CEO turnover," Journal of Financial Economics, Elsevier, vol. 68(1), pages 3-46, April.
    7. Itay Goldstein & Alexander Guembel, 2008. "Manipulation and the Allocational Role of Prices," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(1), pages 133-164.
    8. Avanidhar Subrahmanyam & Sheridan Titman, 2001. "Feedback from Stock Prices to Cash Flows," Journal of Finance, American Finance Association, vol. 56(6), pages 2389-2413, December.
    9. Albert S. Kyle & Jean-Luc Vila, 1991. "Noise Trading and Takeovers," RAND Journal of Economics, The RAND Corporation, vol. 22(1), pages 54-71, Spring.
    10. Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-1335, November.
    11. Alexander Guembel & Itay Goldstein, 2002. "Manipulation, the allocational role of prices and production externalities," Economics Series Working Papers 2002-FE-02, University of Oxford, Department of Economics.
    12. Khanna, Naveen & Sonti, Ramana, 2004. "Value creating stock manipulation: feedback effect of stock prices on firm value," Journal of Financial Markets, Elsevier, vol. 7(3), pages 237-270, June.
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    Cited by:

    1. Anat R. Admati & Paul Pfleiderer, 2009. "The "Wall Street Walk" and Shareholder Activism: Exit as a Form of Voice," The Review of Financial Studies, Society for Financial Studies, vol. 22(7), pages 2445-2485, July.
    2. Brav, Alon & Mathews, Richmond D., 2011. "Empty voting and the efficiency of corporate governance," Journal of Financial Economics, Elsevier, vol. 99(2), pages 289-307, February.
    3. Jacob Oded & Yu Wang, 2010. "On the different styles of large shareholders’ activism," Economics of Governance, Springer, vol. 11(3), pages 229-267, June.
    4. Fang, Vivian W. & Noe, Thomas H. & Tice, Sheri, 2009. "Stock market liquidity and firm value," Journal of Financial Economics, Elsevier, vol. 94(1), pages 150-169, October.
    5. Cetemen, D. & Cisternas, G. & Kolb, A. & Viswanathan, S., 2022. "Activist Manipulation Dynamics," Working Papers 22/04, Department of Economics, City University London.
    6. Richmond Mathews & Naveen Khanna, 2010. "Bear Raids and Short Sale Bans: Is Government Intervention Justifiable?," 2010 Meeting Papers 165, Society for Economic Dynamics.
    7. Doruk Cetemen & Gonzalo Cisternas & Aaron Kolb & S Viswanathan, 2022. "Leader-Follower Dynamics in Shareholder Activism," Staff Reports 1030, Federal Reserve Bank of New York.
    8. Alex Edmans & Gustavo Manso, 2011. "Governance Through Trading and Intervention: A Theory of Multiple Blockholders," The Review of Financial Studies, Society for Financial Studies, vol. 24(7), pages 2395-2428.
    9. Nickolay Gantchev & Chotibhak Jotikasthira, 2018. "Institutional Trading and Hedge Fund Activism," Management Science, INFORMS, vol. 64(6), pages 2930-2950, June.
    10. Khanna, Naveen & Mathews, Richmond D., 2012. "Doing battle with short sellers: The conflicted role of blockholders in bear raids," Journal of Financial Economics, Elsevier, vol. 106(2), pages 229-246.
    11. Brav, Alon & Dasgupta, Amil & Mathews, Richmond, 2015. "Wolf pack activism," LSE Research Online Documents on Economics 119008, London School of Economics and Political Science, LSE Library.
    12. Prommin, Panu & Jumreornvong, Seksak & Jiraporn, Pornsit & Tong, Shenghui, 2016. "Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand," Global Finance Journal, Elsevier, vol. 31(C), pages 73-87.

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