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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.
Book Synopsis Hedge Fund Activism in Japan by : John Buchanan
Download or read book Hedge Fund Activism in Japan written by John Buchanan and published by Cambridge University Press. This book was released on 2012-05-24 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge fund activism is an expression of shareholder primacy, an idea that has come to dominate discussion of corporate governance theory and practice worldwide over the past two decades. This book provides a thorough examination of public and often confrontational hedge fund activism in Japan in the period between 2001 and the full onset of the global financial crisis in 2008. In Japan this shareholder-centric conception of the company espoused by activist hedge funds clashed with the alternative Japanese conception of the company as an enduring organisation or a 'community'. By analysing this clash, the book derives a fresh view of the practices underpinning corporate governance in Japan and offers suggestions regarding the validity of the shareholder primacy ideas currently at the heart of US and UK beliefs about the purpose of the firm.
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.
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.
Book Synopsis Shareholder Activism by Hedge Funds: Motivations and Market's Perceptions of Hedge Fund Interventions by : Mihaela Butu
Download or read book Shareholder Activism by Hedge Funds: Motivations and Market's Perceptions of Hedge Fund Interventions written by Mihaela Butu and published by Diplomica Verlag. This book was released on 2013 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, hedge funds' successful interventions in some large public companies have revealed their critical role in the corporate governance landscape in the United States and Europe. Due to public opinion, this new form of shareholder activism is accompanied by much polemic. This study examines the nature of hedge fund activism, the types of them, and the market’s perception of interventions in the United States. Starting with a distinction between shareholder activism by traditional institutions, and activism performed by hedge funds, the study elucidates why the latter may be more effective in monitoring management, and reduce agency costs. Analysing the Schedules 13D filed with the U.S. Securities and Exchange Commission, the study provides a classification of activists’ demands into ten distinct categories, arguing that hostile forms of activism are not central for hedge funds, and some more aggressive types of activism are possibly used as a negotiating tool to achieve the activist’s agenda. Using the event study methodology, the author estimates the stock returns around the announcement date. For a better understanding of hedge fund activism, and their demands on target companies, the reader will find two original Schedule 13D filings accompanied by letters to the management. Finally, the paper concludes on a view of the subject through the prism of the 2007/ 2008 financial crisis, outlining some trends in the aftermath of the financial market turmoil.
Book Synopsis U.S. Hedge Fund Activism by : Frank Partnoy
Download or read book U.S. Hedge Fund Activism written by Frank Partnoy and published by . This book was released on 2015 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Notwithstanding the focus on hedge fund activism, fundamental questions remain. How much does hedge fund activism really matter? What has academic study contributed to the understanding of hedge fund activism? And what, if anything, does research on hedge fund activism illuminate about the viability of regulation in the area? This chapter for the Research Handbook on Shareholder Power (edited by Randall Thomas and Jennifer Hill) addresses these questions from three perspectives. First, it assesses the historical development of scholarship on hedge fund activism, from the first attempts to define “hedge funds” and “activists,” and to gather data about both. Second, it examines and critiques one of the “hot issues” that has emerged from the debate about hedge fund activism - the potential separation of voting and economic interests - and offers a new way of conceptualizing that issue, derived in part from tax regulation. Third, it compares regulatory approaches to hedge fund activism in the U.S. with approaches elsewhere. It closes with a discussion of one recent and controversial incident of hedge fund activism in Canada, involving shares of the Telus Corporation, and examines the role of academic research in assessing that incident.
Book Synopsis Hedge Fund Activism in Japan by : John Buchanan
Download or read book Hedge Fund Activism in Japan written by John Buchanan and published by Cambridge University Press. This book was released on 2012-05-24 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Charts the rise and fall of confrontational hedge fund activism in Japan.
Book Synopsis The Oxford Handbook of Hedge Funds by : Douglas Cumming
Download or read book The Oxford Handbook of Hedge Funds written by Douglas Cumming and published by Oxford University Press. This book was released on 2021 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides a comprehensive look at the hedge fund industry from a global perspective.
Book Synopsis The Wolf at the Door by : John C. Coffee
Download or read book The Wolf at the Door written by John C. Coffee and published by . This book was released on 2016-02-10 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance has three basic aims: to understand and explain the factors that have caused an explosion in hedge fund activism; to examine the impact of this activism; and to survey and evaluate possible legal interventions with an emphasis on the least restrictive alternative.
Book Synopsis Hedge Fund Activism Coming to Europe? Lessons from the American Experience by : Alexandros L. Seretakis
Download or read book Hedge Fund Activism Coming to Europe? Lessons from the American Experience written by Alexandros L. Seretakis and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge fund activists are the bright new hope of the shareholder empowerment movement. Free from conflicts of interest and with high-powered compensation incentives, activist hedge funds are shaking up corporate boardrooms. The recent surge in activism has provoked criticism against activist investors portrayed as short-term agitators seeking to obtain short-term profits at the expense of long-term value. Although the view of hedge fund activists as short-term speculators has been discredited by empirical evidence, innovative tactics employed by hedge funds allow them to secretly accumulate large stakes in target companies within a short-time period. In response to the adverse effects of activist tactics on market transparency and fairness, European regulators have tightened disclosure obligations for major blockholders with US regulators following suit. While calls for tightening disclosure obligations in the US have been accompanied by a lively debate between proponents and opponents of tighter disclosure rules, the amendment of disclosure rules in Europe was not preceded by any meaningful empirical analysis of the benefits and costs of tighter disclosure rules. The result is that current European disclosure rules tilt the balance heavily against activist investor seeking to operate in Europe. In line with the growing debate across the other side of the Atlantic which has highlighted the importance of empirical analysis before proceeding with a modification of disclosure rules, the present article urges European regulators to reconsider the current disclosure regime by conducting a careful empirical analysis of their benefits for market transparency and fairness and their costs on shareholders and companies as a result of a reduction in the incidence of activist shareholdings.
Book Synopsis Influences of Hedge Fund Activism on the Medium Term Target Firm Value by : Nick W.A. Stokman
Download or read book Influences of Hedge Fund Activism on the Medium Term Target Firm Value written by Nick W.A. Stokman and published by . This book was released on 2007 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, the 'new' phenomenon of hedge fund activism is examined by testing the effects of 188 hedge fund activism events from Europe and North America. For all events it was measured what the effects were after the initial investment and the first action by the hedge fund, with the goal to research if these effects resulted in a value increase on the target firm value. On a short term period surrounding the initial filing by an activist hedge fund, there were found significant abnormal returns in the range of 9,5% to 12,19%, in both Europe and North America.Also, on a 6-month window significant positive abnormal returns were found, indicating that the involvement of a hedge fund activist created value also on a longer term.Furthermore, in the 20 days surrounding the initial activism, results showed a statistically significant abnormal return of 5,59%. After 6 months, this effect decreased a little and was not significant anymore. This decrease was mainly due to the events in Europe, that were less successful and reported no significant effects on the medium term. In contrast, in North America, on the medium term there were found (though not significant) even larger positive abnormal returns.Overall, the investments of activist hedge funds lead to an increase in shareholder value for the targeted firms. Activist hedge funds can be described as value investors that try to increase shareholder value by certain actions. The presented evidence in this research indicates that they are often successful in this strategy and thus create an increase in firm value on both the short and medium term.
Book Synopsis Corporate Governance and the New Hedge Fund Activism by : Thomas W. Briggs
Download or read book Corporate Governance and the New Hedge Fund Activism written by Thomas W. Briggs and published by . This book was released on 2017 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds are not quot;normalquot; institutional investors. They launch proxy fights for corporate control. Their recent successes and quot;wolf packquot; tactics have garnered headlines, but leave us with a question: what does hedge fund activism mean for corporate governance in the United States? This Article undertakes a legal, empirical, and theoretical study in an effort to answer this question. The heart of the Article is an empirical study of obtainable instances of hedge fund activism during 2005 and the 2006 proxy season. The Article starts by showing that the SEC opened the door to hedge fund activism when it stopped censoring most proxy material in 1992 and started allowing proxy quot;free communicationquot; in 2000. The Article's empirical survey found over 50 instances of hedge fund activism, and also found the in terrorem effect of these examples to be considerable. The survey further found that the combination of quot;wolf packquot; tactics and the increasing influence of activist proxy advisory firms (the recommendations of which many institutional investors follow automatically) have made hedge fund activists a real power in corporate governance. Despite some claims that hedge funds often hold short positions or are otherwise dangerously conflicted, the survey found very limited evidence for this; the survey also found that hedge funds have, in fact, disclosed these conflicts, though the proxy and Williams Act rules in this respect should be clarified. The Article then subjects these results to theoretical analysis using current nexus of contracts, shareholder primacy, director primacy, team production, connected contracts, and other theories, and finds none completely satisfactory. The Article concludes that an almost unprincipled balance-of-power political model best explains the hedge fund activism phenomenon. In the end, if these activities cause managements to review and reassess their strategies, corporate governance is improved.
Download or read book Against All Odds written by Kobi Kastiel and published by . This book was released on 2016 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of shareholder activism in widely held public companies is already broadly recognized. Less well understood, however, is the role that activist hedge funds play in public companies with a controlling shareholder, and the common view has been that dispersed stock ownership is typically a precondition for activist intervention. To fill this gap, this Article presents the first comprehensive account of hedge fund activism in controlled companies in the United States. Using empirical data and illustrative examples from recent years, the Article finds a surprising number of activist engagements with controlled companies, and unveils the variety of channels through which activism is deployed as well as the limitations of these channels. It concludes by offering regulators and institutional investors some suggestions for further empowering activists in controlled companies, such as granting investors unaffiliated with the controllers the right to elect minority directors.
Book Synopsis Hedge Funds' Activism by : Chiara Battistini
Download or read book Hedge Funds' Activism written by Chiara Battistini and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, our objective is to review the existing theoretical and empirical literature on activist policies by hedge funds' and to empirically verify - by means of a clinical case study - if hedge funds' activism creates value not only for the activist but for all the shareholders of the firm. After a quick overview of the size of hedge funds and private equity markets, we introduce the evolution of hedge funds' investment strategies in the past few years, pointing out the increased similarities between hedge funds' and private equity investors' approaches to shareholders' activism. Section 3 presents an analysis of hedge funds' approach to activism and highlights the most evident characteristics of the firms that are likely to be targeted by activist hedge funds. Section 4 deals with the strategies that hedge funds implement in order to start a fight against incumbent management and present an in-depth analysis of empty voting and hidden ownership. Finally, Section 5 introduces the clinical case study of the fight between Carl Ichan and Time Warner Inc. during the period going from August 2005 to March 2006. The case, carried out by implementing an event study methodology for various relevant steps of the struggle between the hedge fund and Time Warner's CEO, is particularly interesting since it helps us demonstrate that the market looked favorably at Icahn's activism and instead heavily punished Time Warner stock performance once Ichan gave up the fight. In a sense, it is an indirect confirmation that hedge funds' activism matters in influencing shareholders' value. Section 6 concludes by summarizing pros and cons coming from hedge funds' activism.
Book Synopsis The Returns to Hedge Fund Activism by : Alon Brav
Download or read book The Returns to Hedge Fund Activism written by Alon Brav and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 strategic, operational, and financial remedies and attain success or partial success in two-thirds of the cases. The abnormal stock return upon announcement of activism is approximately seven percent, with no reversal during the subsequent year. Target firms experience increases in payout, operating performance, and higher CEO turnover after activism. We also find large positive abnormal return to the self-reported hedge fund activists during our sample period. The abnormal return significantly exceeds the returns to all hedge funds, the returns to equity-oriented hedge funds and is robust to alternative risk adjustments and selection biases.
Download or read book Grow the Pie written by Alex Edmans and published by Cambridge University Press. This book was released on 2021-11-11 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, updated to include the pandemic and latest research, explains how managers, investors and citizens can put purpose into practice-and overcome the difficult trade-offs that hold them back.
Download or read book Hedged Out written by Megan Tobias Neely and published by Univ of California Press. This book was released on 2022-01-25 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: A former hedge fund worker takes an ethnographic approach to Wall Street to expose who wins, who loses, and why inequality endures. Who do you think of when you imagine a hedge fund manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? These tropes capture the public imagination of a successful hedge fund manager. But behind the designer suits, helicopter commutes, and illicit pursuits are the everyday stories of people who work in the hedge fund industry—many of whom don’t realize they fall within the 1 percent that drives the divide between the richest and the rest. With Hedged Out, sociologist and former hedge fund analyst Megan Tobias Neely gives readers an outsider’s insider perspective on Wall Street and its enduring culture of inequality. Hedged Out dives into the upper echelons of Wall Street, where elite white masculinity is the standard measure for the capacity to manage risk and insecurity. Facing an unpredictable and risky stock market, hedge fund workers protect their interests by working long hours and building tight-knit networks with people who look and behave like them. Using ethnographic vignettes and her own industry experience, Neely showcases the voices of managers and other workers to illustrate how this industry of politically mobilized elites excludes people on the basis of race, class, and gender. Neely shows how this system of elite power and privilege not only sustains itself but builds over time as the beneficiaries concentrate their resources. Hedged Out explains why the hedge fund industry generates extreme wealth, why mostly white men benefit, and why reforming Wall Street will create a more equal society.
