Market reaction to the information that a activist holds over 5% of the firm's stock
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- MATSUBARA Noriaki
- Graduate School of Engineering, The University of Tokyo
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- MATSUSHIMA Katsumori
- Graduate School of Engineering, The University of Tokyo
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- IZUMI Kiyoshi
- Digital Human Research Center, AIST
Bibliographic Information
- Other Title
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- アクティビストの株式保有に対する市場の反応
Abstract
<p>I constructed the stock artificial market in order to analyze why an activist's announcement of the information that he holds over 5% of the firm's stock brings about rising of the stock price. I prepared two hypothesis. The first hypothesis is that the stock price rises because of speculators who consider the announcement to be the sign that the firm is undervalued. the second hypothesis is that investors expect jawboning rather than proxy contest. As a result, I found that the expectation for jawboning is much larger than proxy contest. Many investors regard the effect of jawboning as important.</p>
Journal
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- JSAI Technical Report, Type 2 SIG
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JSAI Technical Report, Type 2 SIG 2008 (FIN-001), 08-, 2008-09-13
The Japanese Society for Artificial Intelligence
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Details 詳細情報について
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- CRID
- 1390576148375146496
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- ISSN
- 24365556
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- Text Lang
- ja
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- Data Source
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- JaLC
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- Abstract License Flag
- Allowed