Working Paper

26 January 2018

Unexpected Corporate Outcomes from Hedge Fund Activism in Japan

Hedge fund activism has been identified in the USA as a driver of enduring corporate governance change and market perception. We investigate this claim in an empirical study to see whether activism produced similar results in Japan in...

John Buchanan | Dominic Heesang Chai | Simon Deakin
22 May 2018

Governance under the Gun: Spillover Effects of Hedge Fund Activism

Hedge fund activism is associated with improvements in the governance and performance of targeted firms. In this paper, we show that these positive effects of activism reach beyond the targets, as non-targeted peers make similar...

Nickolay Gantchev | Oleg Gredil | Chotibhak Jotikasthira
21 September 2018

The Effect of Institutional Investors' Voice on the Terms and Outcome of Freeze-out Tender Offers

We study the impact of institutional investors' “voice” on 201 going private tender offers by controlling shareholders ("freeze-out" offers) in Israel. Israeli regulatory intervention in freeze-out tender offers is...

Beni Lauterbach | Yevgeny Mugerman
02 June 2017

Shareholder Engagement on Environmental, Social, and Governance Performance

We study investor activism promoting environmental, social and governance (ESG) improvements using a proprietary dataset. Targets have a higher market share, analyst coverage, stock returns, and liquidity. The engagements lead to...

Tamas Barko | Martijn Cremers | Luc Renneboog