- Hedge Fund Activism •
- takeover activism •
- merger activism •
- hostile takeovers •
- tender offers •
- market for corporate influence •
- Market for Corporate Control •
We compare activism and takeovers from a blockholder’s perspective who can invest effort into improving firm value. Profits from the two intervention modes move in opposite directions when the marginal return to effort changes such that activism, although less efficient, can be more profitable.