Bibframe Work

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.-- Back cover

Table Of Contents

Introduction / William W. Bratton and Joseph A. McCahery

The evolution of shareholder activism in the United States / Stuart Gillan and Laura T. Starks

The myth of the shareholder franchise / Lucian A. Bebchuk

Shareholder activism through proxy proposals : the European perspective / Peter Cziraki, Luc Renneboog and Peter G. Szilagyi

Hedge funds in corporate governance and corporate control / Marcel Kahan and Edward Rock

The rise and fall (?) of shareholder activism by hedge funds / John Armour and Brian Cheffins

Returns to shareholder activism : evidence from a clinical study of the Hermes Focus Fund / Marco Becht, Julian Franks, Colin Mayer and Stefano Rossi

Hedge fund activism, corporate governance and corporate performance / Alon Brav, Wei Jiang, Frank Partnoy and Randall Thomas

Entrepreneurial shareholder activism : hedge funds and other private investors / April Klein and Emanuel Zur

Debt, equity and hybrid decoupling : corporate governance and systemic risk implications / Henry T.C. Hu and Bernard S. Black

Common pools, common disasters and the anti-commons : hedge fund activity in corporate reorganizations / Douglas Baird and Robert K. Rasmussen

Hedge funds and Chapter 11 / Wei Jiang, Kai Li and Wei Wang

Leveraged buyouts and private equity / Steven N. Kaplan and Per Stromberg

Performance of buyout funds revisited / Ludovic Phalippou

Hedge fund regulation and governance / Douglas Cumming, Na Dai, and Sofia A. Johan

The limits of EU hedge fund regulation / Dan Awrey

Recasting private equity funds after the financial crisis : the end of 'Two and Twenty' and the emergence of co-Investment and separate account arrangements / Joseph A. McCahery and Erik P.M. Vermeulen

The law and economics of blockholder disclosure / Lucian A. Bebchuk and Robert J. Jackson, Jr.

The destructive ambiguity of federal proxy access / Jill E. Fisch

The case against shareholder empowerment / William W. Bratton and Michael L. Wachter

Authorized Access Point

Institutional investor activism

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