Activism

Working Paper

Hedge Fund Activism, Corporate Governance, and Firm Performance

Using a large hand-collected dataset from 2001 to 2006, we find that activist hedge funds in the U.S. propose strategic, operational, and financial remedies and attain success or partial success in two thirds of the cases. Hedge funds seldom seek...Read more

Alon Brav
Wei Jiang
Frank Partnoy
Randall Thomas
12 December 2019

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies...Read more

Marco Becht
Julian Franks
Colin Mayer
Stefano Rossi
12 December 2019

Institutional Investor Activism in a Context of Concentrated Ownership and High Private Benefits of Control: the Case of Italy

This is a draft chapter for a forthcoming volume, The Research Handbook on Shareholder Power, edited by Randall Thomas and Jennifer Hill (Cheltenham:Edgar Elgar). This chapter describes the experience with activist institutional investors in an...Read more

Luca Enriques
12 December 2019

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