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Econometrica

Activism, Strategic Trading, and Liquidity

We analyze dynamic trading by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology, including both binary a…
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av Kerry Back, Pierre Collin-Dufresne, Vyacheslav Fos, Tao Li, Alexander Ljungqvist







Quarterly Journal of Economics

Who Becomes A Politician?

Can a democracy attract competent leaders, while attaining broad representation? Economic models suggest that free-riding incentives and lower opportunity costs give the less competent a comparative a…
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av Ernesto Dal Bó, Frederico Finan, Olle Folke, Torsten Persson, Johanna Rickne
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European Economic Review

Hierarchies and Entrepreneurship

We establish a correlation between the hierarchical structure of a firm and the likelihood of business creation among its former employees, using a sample of 16 million observations of Swedish workers…
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av Joacim Tåg, Thomas Åstebro, Peter Thompson