This paper measures the value of shareholder activism focusing on outside block holders who switch their investment purpose from passive to active. Unlike the usual 5% ownership disclosure, switch does not necessarily involve additional share purchase and thus provides a cleaner test in...

This paper studies the motive of issuing floating-priced convertibles or warrants, known as death spirals, in a country where the private benefit of control is high. Using a total of 199 death spiral issuances by public firms listed in the Korea Stock Exchange during 1998-2006, we find a number...