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Professor Alexander Ljungqvist's joint research on the impact of activist investors

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Excerpt from Forbes -- "What is the cost of shareholder activism? The impact of the stock market on investment has been quantified in a brilliant study by economists from the Stern School of Business and Harvard Business School, Alexander Ljungqvist, Joan Farre-Mensa, and John Asker, entitled 'Corporate Investment and Stock Market Listing: A Puzzle.' The study compared the investment patterns of public companies and privately held firms. The study found that 'keeping company size and industry constant, private US companies invest nearly twice as much as those listed on the stock market: 6.8 per cent of total assets versus just 3.7 per cent.'"

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