The following comes to us from Paul C. Hilal, a Partner at Pershing Square Capital Management, a New York City-based hedge fund founded in 2004.
Is shareholder activism good for the world?
A simple question, and yet it’s the subject of intense debate. Proponents say activists play a key role in the markets, shaking up entrenched interests and unlocking long-term value by acting as change agents. Critics claim activism pumps up short term stock prices for the benefit of the activists at the expense of long term interests of companies and their shareholders.
Who’s right and what does that suggest … Read more