Mike Burkart

Review of Financial Studies (forthcoming)

Review of Financial Studies, 35 (4), 1868–1896

The Review of Corporate Finance Studies, 5 (2), 239–270.

We develop a dual-layered agency model to study blockholder monitoring by activist funds that compete for investor flow. Competition for flow affects...

The Review of Economic Studies, 82 (3), 922–962.

Review of Finance, 19 (4), 1383–1414.

We provide a theoretical framework to study blockholder activism by funds who compete for investor flow. In our model, activists are intrinsically...

In many bilateral transactions, the seller fears being underpaid because its outside option is better known to the buyer. We rationalize a variety of...