Returns to Hedge Fund Activism: An International Study

• 成果类型: Article
• 署名作者: Becht, Marco; Franks, Julian; Grant, Jeremy; Wagner, Hannes F.
• 署名单位: Universite Libre de Bruxelles; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of London; London Business School
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx048
• 发表日期: 2017
• 页码: 2933
• 关键词: CORPORATE GOVERNANCE; SHAREHOLDER ACTIVISM; institutional investors

摘要

This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S. institutions. We use a sample of 1,740 activist engagements across 23 countries and find that almost one-quarter of engagements are by multi-activists engaging the same target. These engagements perform strikingly better than single activist engagements. Engagement outcomes, such as board changes and takeovers, vary across countries and significantly contribute to the returns to activism. Japan is an exception, with high initial expectations and low outcomes. (JEL G32)