Working Paper
The Returns to Hedge Fund Activism
Hedge fund activism is a new form of arbitrage. Using a large hand-collected data set from 2001 to 2006 we find that activist hedge funds in the U.S. propose...
Read moreThe Lost Decade for Hedge Funds: Three Threats
The last decade has challenged the paradigm of the hedge fund industry as a unique performer. We identify three main factors that have affected the...
Read moreShareholder Voting in an Age of Intermediary Capitalism
Shareholder voting is a key part of contemporary American corporate governance. As numerous contemporary battles between corporate management and...
Read moreCompetition for Flow and Short-Termism in Activism
We develop a dual-layered agency model to study blockholder monitoring by activist funds that compete for investor flow. Competition for flow affects...
Read moreActivism Pressure and the Market for Corporate Assets
We investigate the impact of hedge fund activism on corporate transaction markets. We find that activism targets as well as firms exposed to hedge fund...
Read moreThe European Commission's Sustainable Corporate Governance Report: A Critique
In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report...
Read moreHedge 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...
Read moreThe Rise of Anti-Activist Poison Pills
We provide the first systematic evidence of contractual innovation in the terms of poison pill plans. In response to the increase in hedge fund activism,...
Read moreAgency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan
We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency...
Read moreHedge Fund Activism
We examine recent confrontational shareholder activism campaigns by hedge funds and by other private investors. The three main parallels between the...
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