Shareholder activism: A Swiss case study

Shareholder Activism: A Multidisciplinary Review

Soft Shareholder Activism

This paper studies voice and exit as mechanisms of shareholder activism when obtaining costly formal control is not feasible. Different from the existing literature, voice is interpreted as a strategic transmission of information from an activist investor to an opportunistic manager. The analysis provides several results. First, voice and exit exhibit complementarity, and hence, exit can be an ...

‘Low-Cost’ Shareholder Activism: A Review of the Evidence

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly throu...

Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors

We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist’s high success rate in achieving its original objective. Further, both activis...