Activism, Strategic Trading, and Liquidity
NBER Working Paper No. 22893
---- Acknowledgements ----
This paper consolidates and substantially extends the theory parts of two prior working papers: Back, Li and Ljungqvist (2015) and Collin-Dufresne and Fos (2015b). We are grateful to Jean-Noel Barrot, Alon Brav, Bradyn Breon-Drish, Carole Comerton-Forde, Quinn Curtis, David De Angelis, Alex Edmans, Vivian Fang, Dirk Hackbarth, Stacey Jacobsen, Wei Jiang, Barbara Katz, Doron Levit, Andrey Malenko, Nadya Malenko, Ernst Maug, and Konstantinos Zachariadis for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.