This paper provides evidence on the incidence, characteristics and performance of activist engagements internationally. We find that the incidence of activism is greatest with high institutional ownership, particularly when the institutions are from the United States. Using a sample of 1,740 activist engagements across 23 countries we find that almost a quarter are 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.

The returns to hedge fund activism: an international study

WAGNER, HANNES
2017

Abstract

This paper provides evidence on the incidence, characteristics and performance of activist engagements internationally. We find that the incidence of activism is greatest with high institutional ownership, particularly when the institutions are from the United States. Using a sample of 1,740 activist engagements across 23 countries we find that almost a quarter are 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.
2017
2017
Becht, Marco; Franks, Julian; Grant, Jeremy; Wagner, Hannes
File in questo prodotto:
File Dimensione Formato  
BFGW_Activism_15September2016forPrinting.pdf

non disponibili

Descrizione: Paper
Tipologia: Documento in Pre-print (Pre-print document)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 1.14 MB
Formato Adobe PDF
1.14 MB Adobe PDF   Visualizza/Apri
RFS MS20150203-3 Decision letter.pdf

non disponibili

Descrizione: Editor acceptance letter
Tipologia: Allegato per valutazione Bocconi (Attachment for Bocconi evaluation)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 188.75 kB
Formato Adobe PDF
188.75 kB Adobe PDF   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/3994590
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 80
  • ???jsp.display-item.citation.isi??? 76
social impact