The forthright brand of shareholder activism hedge funds deploy became during the 2000s a significant feature of Canadian corporate governance. This paper examines hedge fund activism ?Canadian style.? The paper characterizes the interventions hedge funds specialize in as ?offensive?
shareholder activism and uses a heuristic device, ?the market for corporate influence?, to identify the variables that dictate how frequent such activism is likely to be. This analytical structure is used to explain why hedge fund activism has become part of the Canadian corporate governance landscape and has displaced at least partly a Canadian shareholder ?culture of passivity.?
Using natural language processing, we identify and categorize the corporate goals in the shareholder letters of the 150 largest companies in the United...
This paper examines the causes and consequences of hedge fund investments in exchange traded funds (ETFs) using U.S. data from 1998 to 2018. The data...