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The Choice Between Voice and Exit: The Effect of Liquidity on Shareholder Commitment

September 14th, 2011

Episode 6 of 753 episodes

Most stock market experts believe shareholder input is good because it presses managers to do their best to maximize returns. But how does liquidity -- the availability of shares to buy and sell -- affect that shareholder involvement? "It's something that has inspired both academic debate and policy debate," says Wharton finance professor Alex Edmans, who has co-authored a paper on how liquidity affects governance.

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