Friends Or Foes Activist Hedge Funds And Other Institutional Investors

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Friends Or Foes? Activist Hedge Funds and Other Institutional Investors

Author : Andrew Glen Carrothers
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Friends Or Foes? Activist Hedge Funds and Other Institutional Investors by : Andrew Glen Carrothers

Download or read book Friends Or Foes? Activist Hedge Funds and Other Institutional Investors written by Andrew Glen Carrothers and published by . This book was released on 2017 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds are more likely to target firms with high levels of institutional ownership and demonstrate a preference for short-term focused institutional investors. Hedge fund activism generates short run and long run abnormal returns without increasing stock return volatility. Regardless of investment horizon, volatility is inversely related to prior period institutional ownership. The trading behavior of institutional owners with different investment horizons is consistent with hedge fund activism creating value. These findings hold regardless of whether investment horizon is based on portfolio churn rate or type of institution. Overall, the results suggest a mutually beneficial relationship between activist hedge funds and other institutional investors.

Institutional Investor Activism

Author : William Bratton
Publisher : OUP Oxford
ISBN 13 : 0191039799
Total Pages : 924 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis Institutional Investor Activism by : William Bratton

Download or read book Institutional Investor Activism written by William Bratton and published by OUP Oxford. This book was released on 2015-08-20 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.

Hedge Fund Activism

Author : Alon Brav
Publisher : Now Publishers Inc
ISBN 13 : 1601983387
Total Pages : 76 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Hedge Fund Activism by : Alon Brav

Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

Extreme Value Hedging

Author : Ronald D. Orol
Publisher : John Wiley & Sons
ISBN 13 : 0470198915
Total Pages : 400 pages
Book Rating : 4.4/5 (71 download)

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Book Synopsis Extreme Value Hedging by : Ronald D. Orol

Download or read book Extreme Value Hedging written by Ronald D. Orol and published by John Wiley & Sons. This book was released on 2008-01-18 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Activist hedge fund managers represent a small part of the $1.5 trillion hedge fund industry, but their approach is causing a stir among traditional managers and the investment community because they are shaking up the corporate establishment and making money for their investors. These types of managers are here to stay and Extreme Value Hedging tells the story of their rise to power in the U.S. and how they are spreading their influential gospel around the globe to places like China, Ukraine, South Korea and Sweden. Author Ronald D. Orol has a unique understanding of this world and through this book he shares his unparalleled insights in an easy to comprehend manner. He discusses everything from activist investor efforts to breakup the clubby insider world of corporate boardrooms to their deal-making or breaking pressure tactics and courtroom battles. Orol skillfully makes his case for each subject by offering revelations and examples from insiders like Ralph Whitworth, (Relational Investors), Guy Wyser-Pratte, (Wyser-Pratte Management), Mark Schwarz, (Newcastle Capital Group LLC), Robert Chapman (Chapman Capital), Phillip Goldstein (Opportunity Partners), Jeffrey Ubben (ValueAct Capital), Jeffrey M. Solomon (Ramius Capital Group LLC), Michael Van Biema (Van Biema Value Partners), Eric Rosenfeld (Crescendo Partners), Lars Förberg (Cevian Capital) and Emanuel Pearlman (Liberation Investment Group), among many, many others.

Three Essays in Hedge Fund Activism

Author : Marco Elia
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Three Essays in Hedge Fund Activism by : Marco Elia

Download or read book Three Essays in Hedge Fund Activism written by Marco Elia and published by . This book was released on 2018 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay, I apply behavioral finance theories to hypothesize one reason why hedge funds choose to engage in activism. Specifically, I predict that if hedge funds see the purchase price of their passive positions as a reference point, then, when they are suffering absolute losses, they are more likely to switch and become activists. I find results consistent with my prediction, even after controlling for the underperformance of the target firms. This study presents new evidence about what causes hedge fund activism. The behavioral finance literature has documented that retail investors, professional traders, and mutual funds are reluctant to realize their losses. I contribute to this literature by showing that a further effect of the loss is to cause activism. The second essay (with Naveen D. Daniel) examines the short-term incentives that activists are facing. The average announcement return to hedge fund activism is around 5%. Thus, activists that want to inflate their reported returns have incentives to initiate activism in target firms before the end of the reporting period. Our contribution is to document that activists engage in such opportunistic activism. Consistent with this, we find that activists are more likely to start their campaigns just before the end of the quarter. This heightened activity cannot be explained by increased news flow at the end of the quarter. In contrast to the typical positive market reaction to activist initiation, reaction to opportunistic activism is virtually zero. This is suggestive of activists initiating campaigns without completing their research on firms, which were potentially targeted for activism in the following quarter. The final essay (with Naveen D. Daniel) investigates how activists are able to be successful despite typically owning a stake of 6-7% in the target firms. We hypothesize that activists have incentives to (implicitly) coordinate with other institutional shareholders and to use this collective firepower to force target firms to change. Our contribution is to document that such coordination is pervasive and is mutually beneficial. In nearly two-thirds of the campaigns, there is coordination between the activist and institutional investors. Coordination is more likely in large firms where the activists would not have sufficient capital to build a large stake. Activist hedge funds that coordinate with other institutional shareholders are more successful in their activism as reflected in higher abnormal returns over the duration of the campaign. We attribute causation by instrumenting for coordination with the geographic proximity between the activist and the institutional investors.

Institutional Investors and Hedge Fund Activism

Author : Simi Kedia
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Institutional Investors and Hedge Fund Activism by : Simi Kedia

Download or read book Institutional Investors and Hedge Fund Activism written by Simi Kedia and published by . This book was released on 2020 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge fund activists have ambiguous relationships with the institutional shareholders in their target firms. While some support their activities, others counter their actions. Due to their relatively small holdings in target firms, the activists typically need the cooperation of other institutional shareholders that are willing to influence the activist's campaign success. We find the presence of “activism-friendly” institutions as owners is associated with an increased probability of being a target, higher long-term stock returns, and higher operating performance. Overall, we provide evidence suggesting the composition of a firm's ownership has significant effects on hedge fund activists' decisions and outcomes.

Hedge Fund Activists' Network and Information Flows

Author : Pouyan Foroughi
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Hedge Fund Activists' Network and Information Flows by : Pouyan Foroughi

Download or read book Hedge Fund Activists' Network and Information Flows written by Pouyan Foroughi and published by . This book was released on 2018 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies connections and information flows between activist hedge funds and other institutional investors and shows them as prominent factors in the success of activist campaigns. Using manager turnovers in connected mutual funds as exogenous shocks to activists' connectivity, I identify a positive causal effect of connections with other investors on the short-run and long-run performance of activists' campaigns and campaign characteristics. I also show that the two likely mechanisms through which activists benefit from their relationships with other institutions are information flows between institutional shareholders and well-connected activists before campaign announcements and higher support from other shareholders during the campaign. Overall, these results highlight that connections to other institutional investors benefit institutional asset managers.

Enforcing Shareholders’ Duties

Author : Hanne S Birkmose
Publisher : Edward Elgar Publishing
ISBN 13 : 1788114876
Total Pages : 320 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis Enforcing Shareholders’ Duties by : Hanne S Birkmose

Download or read book Enforcing Shareholders’ Duties written by Hanne S Birkmose and published by Edward Elgar Publishing. This book was released on 2019 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: A heavily debated topic, the evolution of shareholders’ duties risks the transformation of the very concept of shareholder primacy, crucially associated with shareholder rights. Offering a distinctive and comprehensive examination of both current and forthcoming enforcement mechanisms in the area of shareholder duties, this timely book provides an exhaustive analysis of the many issues related to these mechanisms, and considers the ongoing challenges surrounding their implementation.

Institutional Investors In Global Capital Markets

Author : Narjess Boubakri
Publisher : Emerald Group Publishing
ISBN 13 : 1780522436
Total Pages : 402 pages
Book Rating : 4.7/5 (85 download)

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Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri

Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.

Introduction to Institutional Investor Activism

Author : William W. Bratton
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Introduction to Institutional Investor Activism by : William W. Bratton

Download or read book Introduction to Institutional Investor Activism written by William W. Bratton and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies' corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of target firms. They may be characterized as pursuing a common goal - in the words used in the OECD Steering Group on Corporate Governance, both seek 'to increase the market value of their pooled capital through active engagement with individual public companies. This engagement may include demands for changes in management, the composition of the board, dividend policies, company strategy, company capital structure and acquisition/disposal plans which are normally regarded as governance issues.' This article is the introductory chapter of Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation (Oxford University Press 2015). The book collects descriptive expositions and empirical analyses essential for an understanding of both varieties of interventionist shareholder. The twenty-one chapters detail these investors' strategic approaches, the financial returns they produce, the regulatory context in which they operate, and the policy questions raised by their activities.

Global Capital Markets

Author : P.M. Vasudev
Publisher : Edward Elgar Publishing
ISBN 13 : 1786432870
Total Pages : 257 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis Global Capital Markets by : P.M. Vasudev

Download or read book Global Capital Markets written by P.M. Vasudev and published by Edward Elgar Publishing. This book was released on 2017-08-25 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This topical volume examines key developments in the law regulating capital markets, drawing on examples from around the world – including United States, Canada, Europe, China, India, and New Zealand. With perspectives from international scholars, chapters look at current issues including the regulation of crowdfunding, efforts in Europe for shareholder empowerment, hedge fund activism in Canada, international regulatory cooperation, and regulation of corporate governance in China through securities law rules.

Institutional Investors and Hedge Fund Activism

Author : Yazhou He
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Institutional Investors and Hedge Fund Activism by : Yazhou He

Download or read book Institutional Investors and Hedge Fund Activism written by Yazhou He and published by . This book was released on 2017 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Shareholder-driven Corporate Governance

Author : Anita Anand
Publisher : Oxford University Press
ISBN 13 : 0190096543
Total Pages : 336 pages
Book Rating : 4.1/5 (9 download)

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Book Synopsis Shareholder-driven Corporate Governance by : Anita Anand

Download or read book Shareholder-driven Corporate Governance written by Anita Anand and published by Oxford University Press. This book was released on 2020-02-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: How effectively can governing mechanisms forged before the surge of activist investment continue to protect shareholders and efficiently order capital markets? This is a pressing question for scholars and practitioners of corporate law, as well as for market participants generally. In order to illuminate the extent to which the growing trend of shareholder activism calls for a new understanding of the kind of shareholder-corporate relations the law should facilitate, this book introduces the concept of shareholder-driven corporate governance. This concept refers to the evident phenomenon of shareholder involvement in corporate governance and offers a normative endorsement of this development. In order to secure the benefits of investors' increasing involvement in corporate affairs, regulatory regimes must grapple with a number of considerations. This book is based on the idea that shareholder corporate governance is a welcome development, but that it does not come without regulatory challenges. For one, it requires rejecting the idea that well-ordered capital markets can be achieved through corporate law which is subservient to private ordering. The mandatory character of, for example, securities regulation is vital to fostering shareholder involvement in corporate affairs. Defenders of shareholder corporate governance must also confront the matter of "wolf packs," or loosely formed bands of investors who defy existing regulatory categories but nonetheless exert collective influence. Regulation that is sensitive to both the inadequacies of past approaches to corporate-shareholder relations and the novel challenges posed by increasing shareholder activism will be able to harness activism, allowing capital markets to flourish.

Friends Or Foes?

Author : Jason Kotter
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Friends Or Foes? by : Jason Kotter

Download or read book Friends Or Foes? written by Jason Kotter and published by . This book was released on 2008 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund (SWF) investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. The announcement effect is both statistically and economically significant. A multivariate analysis shows that the degree of transparency of SWF activities is an important determinant of the market reaction, and both the SWF and the existing shareholders of the target firm benefit from improved SWF disclosure. In addition, target firms' profitability, growth, and governance do not change significantly in the three-year period following the SWF investment relative to a control sample. These results are robust to a battery of tests. Overall, our findings suggest that SWF investments convey a positive signal to market participants about the target firm, increased SWF transparency is enjoyed by both the SWF and existing shareholders, and SWFs are passive investors"--Federal Reserve Board web site.

The Oxford Handbook of Corporate Governance

Author : Mike Wright
Publisher : OUP Oxford
ISBN 13 : 0191649368
Total Pages : 832 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Oxford Handbook of Corporate Governance by : Mike Wright

Download or read book The Oxford Handbook of Corporate Governance written by Mike Wright and published by OUP Oxford. This book was released on 2013-03-28 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers' accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society. Critiques of traditional governance research based on agency theory have noted its "under-contextualized" nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance. This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.

Research Handbook on Diversity and Corporate Governance

Author : Sabina Tasheva
Publisher : Edward Elgar Publishing
ISBN 13 : 1800377789
Total Pages : 241 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Research Handbook on Diversity and Corporate Governance by : Sabina Tasheva

Download or read book Research Handbook on Diversity and Corporate Governance written by Sabina Tasheva and published by Edward Elgar Publishing. This book was released on 2023-02-14 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Challenging existing research and concepts, this Research Handbook presents cutting-edge new research on diversity and corporate governance. Going beyond the surface of diversity, global expert contributors present a diverse range of chapters offering a wide range of perspectives on the use of theories and methodologies.

Global Shareholder Stewardship

Author : Dionysia Katelouzou
Publisher :
ISBN 13 : 1108910769
Total Pages : 724 pages
Book Rating : 4.1/5 (89 download)

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Book Synopsis Global Shareholder Stewardship by : Dionysia Katelouzou

Download or read book Global Shareholder Stewardship written by Dionysia Katelouzou and published by . This book was released on 2022-05-04 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first in-depth comparative and empirical analysis of shareholder stewardship, revealing the previously unknown complexities of this global movement. It highlights the role of institutional investors and other shareholders, examining how they use their formal and informal power to influence companies. The book includes an in-depth chapter on every jurisdiction which has adopted a stewardship code and an analysis of stewardship in the world's two largest economies which have yet to adopt a code. Several comparative chapters draw on the rich body of jurisdiction-specific analyses, to analyze stewardship comparatively from multiple interdisciplinary perspectives. Ultimately, this book provides a cutting-edge and comprehensive understanding of shareholder stewardship which challenges existing theories and informs many of the most important debates in comparative corporate law and governance.