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Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors
Open accessAbstract
We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist's high success rate in achieving its original objective. Further, both activists frequently gain board representation through real or threatened proxy solicitations. Two major differences are that hedge funds target more profitable firms than other activists, and hedge funds address cash flow agency costs whereas other private investors change the target's investment strategies.
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Cited by
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McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
Dimson, E., Karakaş, O., & Li, X. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhv044 · Cited by 1,242
Passive investors, not passive owners
Appel, I. R., Gormley, T. A., & Keim, D. B. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.03.003 · Cited by 965
Institutional investor stability and crash risk: Monitoring versus short-termism?
Callen, J. L., & Fang, X. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.02.018 · Cited by 734
A capability theory of the firm: an economics and (Strategic) management perspective
Teece, D. J. (2019) · New Zealand Economic Papers · doi:10.1080/00779954.2017.1371208 · Cited by 426
Metadata
- Authors
- KLEIN, A., & ZUR, E.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2009-01-23
- Volume
- 64
- Issue
- 1
- Pages
- 187-229
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124253171
- Cited by
- 832
- References
- 0
- FWCI
- 204.60
- Type
- journal article
- Language
- en
- Open access
- bronze
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