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Conference Proceedings (2000), Actes de la 17ème Conférence Internationale de l'AFFI, Association Française de Finance (AFFI)

Will Large Shareholders Exit or Voice?

BIAIS B., CHARLETY-LEPERS Patricia , JULLIEN B.

The separation between ownership (shareholders) and control (managers) leads to an agency problem which can be partly solved by large shareholder activism. However, it is shown that his stake should be high enough to induce him to keep it and remain active rather than sell it, and higher in the case of a fragmented rather than organized market.

BIAIS, B., CHARLETY-LEPERS, P. and JULLIEN, B. (2000). Will Large Shareholders Exit or Voice? In: Actes de la 17ème Conférence Internationale de l'AFFI. Association Française de Finance (AFFI).