The DOI matches its Crossref record; 39 of the 39 references it cites were found in a registry or an index.
Hedge Fund Activism: A Review
Abstract
This monograph reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for shareholders in the target companies and for investors in the hedge funds. The evidence generally supports the view that hedge fund activism creates value for shareholders by effectively influencing the governance, capital structure decisions, and operating performance of target firms.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY
Altman, E. I. (1968) · The Journal of Finance · doi:10.1111/j.1540-6261.1968.tb00843.x · Cited by 14,888
ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*
Merton, R. C. (1974) · The Journal of Finance · doi:10.1111/j.1540-6261.1974.tb03058.x · Cited by 10,581
Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation
Grossman, S. J., & Hart, O. D. (1980) · The Bell Journal of Economics · doi:10.2307/3003400 · Cited by 3,098
Hedge Fund Activism, Corporate Governance, and Firm Performance
BRAV, A., JIANG, W., PARTNOY, F., & THOMAS, R. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01373.x · Cited by 1,507
Self-citationMutual Fund Flows and Performance in Rational Markets
Berk, J., & Green, R. (2002) · National Bureau of Economic Research · doi:10.3386/w9275 · Cited by 1,131
Hedge Fund Benchmarks: A Risk-Based Approach
Fung, W., & Hsieh, D. A. (2004) · Financial Analysts Journal · doi:10.2469/faj.v60.n5.2657 · Cited by 1,031
The hidden costs of stock market liquidity
Bhide, A. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90039-e · Cited by 1,018
The Delisting Bias in CRSP Data
SHUMWAY, T. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03818.x · Cited by 1,007
Illiquidity and Stock Returns II: Cross-section and Time-series Effects
Amihud, Y., & Noh, J. (2021) · The Review of Financial Studies · doi:10.1093/rfs/hhaa080 · Cited by 948
Liquidity versus Control: The Institutional Investor as Corporate Monitor
Coffee, J. C. (1991) · Columbia Law Review · doi:10.2307/1123064 · Cited by 921
Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors
KLEIN, A., & ZUR, E. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01432.x · Cited by 832
The Evolution of Shareholder Activism in the United States*
Gillan, S. L., & Starks, L. T. (2007) · Journal of Applied Corporate Finance · doi:10.1111/j.1745-6622.2007.00125.x · Cited by 816
Ownership Structure, Speculation, and Shareholder Intervention
Kahn, C., & Winton, A. (1998) · The Journal of Finance · doi:10.1111/0022-1082.45483 · Cited by 664
Block Share Purchases and Corporate Performance
Bethel, J. E., Liebeskind, J. P., & Opler, T. (1998) · The Journal of Finance · doi:10.1111/0022-1082.244195 · Cited by 461
Large Shareholders and Corporate Policies
Cronqvist, H., & Fahlenbrach, R. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn093 · Cited by 451
Value creation or destruction? Hedge funds as shareholder activists
Clifford, C. P. (2008) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2008.04.007 · Cited by 429
Shareholder Passivity Reexamined
Black, B. S. (1990) · Michigan Law Review · doi:10.2307/1289384 · Cited by 409
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund
Becht, M., Franks, J., Mayer, C., & Rossi, S. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhn054.ra · Cited by 377
Mutual Fund Flows and Performance in Rational Markets
Berk, J. B., & Green, R. C. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.383061 · Cited by 376
Kai, L., & Prabhala, N. R. (2007) · Handbook of Empirical Corporate Finance · doi:10.1016/b978-0-444-53265-7.50016-0 · Cited by 352
The Impact of Shareholder Activism on Target Companies: A Survey of Empirical Findings
Karpoff, J. M. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.885365 · Cited by 350
How Smart Are the Smart Guys? A Unique View from Hedge Fund Stock Holdings
Griffin, J. M., & Xu, J. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhp026 · Cited by 342
Hedge Funds in Corporate Governance and Corporate Control
Kahan, M., & Rock, E. B. (2026) · Corporate Governance · doi:10.4324/9781003764250-12 · Cited by 339
Market-Based Corrective Actions
Bond, P., Goldstein, I., & Prescott, E. S. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhp059 · Cited by 277
Hedge Fund Performance: 1990–1999
Liang, B. (2001) · Financial Analysts Journal · doi:10.2469/faj.v57.n1.2415 · Cited by 267
(2004) · Cited by 261
Bizjak, J. M., & Marquette, C. J. (1998) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2331129 · Cited by 162
Activist arbitrage: A study of open-ending attempts of closed-end funds
Bradley, M., Brav, A., Goldstein, I., & Jiang, W. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2009.01.005 · Cited by 158
Self-citationCorporate Governance Through the Proxy Contest: Evidence and Implications
Ikenberry, D. L., & Lakonishok, J. (1993) · The Journal of Business · doi:10.1086/296610 · Cited by 138
Relational Investing And Firm Performance
Bhagat, S., Black, B. S., & Blair, M. M. (2004) · The Journal of Financial Research · doi:10.1111/j.1475-6803.2004.00075.x · Cited by 135
Cornelli, F., & Li, D. D. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.3.837 · Cited by 107
Empty voting and the efficiency of corporate governance
Brav, A. P., & Mathews, R. D. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2010.10.005 · Cited by 90
Self-citationThe Returns to Hedge Fund Activism
Brav, A. P., Jiang, W., Frank Partnoy, C., & Thomas, R. S. (2008) · Financial Analysts Journal · doi:10.2469/faj.v64.n6.7 · Cited by 75
Self-citationHedge funds as shareholder activists from 1994-2005
Boyson, N. M., & Mooradian, R. M. (2007) · Cited by 40
Takeovers, Freezeouts, and Risk Arbitrage
Gomes, A. R. (2024) · Games · doi:10.3390/g15010004 · Cited by 31
Large shareholders and corporate governance
Frantz, P., & Instefjord, N. (2009) · Economics of Governance · doi:10.1007/s10101-009-0061-3 · Cited by 11
Hedge Funds vs. Private Equity Funds as Shareholder Activists - Differences in Value CreationPreprint
Mietzner, M., & Schweizer, D. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1015714 · Cited by 11
Cited by
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
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
The product market effects of hedge fund activism
Aslan, H., & Kumar, P. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2015.08.016 · Cited by 138
Metadata
- Authors
- Brav, A.
- Venue
- Foundations and Trends® in Finance
- Publisher
- Emerald
- Published
- 2009
- Volume
- 4
- Issue
- 3
- Pages
- 185-246
- ISSN
- 1567-2395 (ISSN-L)
- 1567-2409
- OpenAlex
- W2123376250
- Cited by
- 287
- References
- 39
- FWCI
- 25.13
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
