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  • John C. Coffee, Jr. – Boeing and the Future of Deferred Prosecution Agreements By John C. Coffee, Jr.
  • Leveraging Information Forcing in Good Faith By Hillary Sale
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hedge fund

Do Activists Increase Long-Term Shareholder Value? New Evidence that Includes Non-Hedge Fund Activists

By Edward Swanson, Glen Young and Christopher G. Yust December 23, 2021 by renholding

Shareholder activists are often accused of having short investment horizons and thus pushing companies to increase their stock prices at the expense of long-term shareholder value (“short-termism”). These accusations have prompted extensive research on interventions by hedge funds. In a …

1 Comment  

The Effects of Mandatory Disclosure Rules on Hedge Fund Governance

By Colleen Honigsberg December 17, 2019 by renholding

In a new paper, I add to the debate over hedge fund regulation by introducing empirical evidence that hedge fund registration requirements reduce misreporting. Using three alternating changes in hedge fund regulation, my study finds consistent evidence that registration reduces …

The Unfulfilled Promise of Hedge Fund Activism

By J.B. Heaton April 30, 2019 by renholding

Hedge fund activism has generated a large amount of public debate. On one side, the hedge fund activists and their academic cheerleaders argue that hedge fund activism is good for shareholders and society at large. On the other side, potential …

The Neglected Role of Justification Under Conditions of Uncertainty

By Claire A. Hill and Alessio M. Pacces March 12, 2019 by renholding

A hot topic in corporate governance is the so-called short-termism of publicly held companies. In response to actual and anticipated pressure from activist hedge funds, companies are, some say, focusing too much on short-term gains by, for instance, shunning research …

Wachtell Lipton on Dealing with Activist Hedge Funds and Other Activist Investors

By Martin Lipton, Steven A. Rosenblum, Karessa L. Cain and Sabastian V. Niles February 4, 2019 by renholding

Regardless of industry, size or performance, no company should consider itself immune from hedge fund activism.  No company is too large, too popular, too new or too successful.  Even companies that are respected industry leaders and have outperformed the market …

Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy

By Ronald W. Masulis and Syed Walid Reza January 31, 2019 by renholding

What is the opportunity cost of private benefits of control? Using dollar cost of corporate giving to measure private benefits of control, we show in a recent study that (i) the consumption of private benefits creates a managerial aversion to …

Activism Pressure and the Market for Corporate Assets

By Ulrich Hege and Yifei Zhang January 23, 2019 by renholding

The rise of shareholder activism, and its recent international expansion, have led researchers to look at many aspects of hedge fund activism. Academic papers have almost exclusively focused on the effects on firms targeted in activist campaigns. But the intense …

How Lenders React When Activists Target Borrowers

By Sandeep Dahiya, Issam Hallak and Thomas Matthys January 9, 2019 by renholding

A number of recent news stories have recounted the quick and dramatic changes that activist hedge funds trigger in the companies they target. In the Atlantic magazine, for example, a 2016 article describes DuPont’s decision to cut 10 percent of …

Dissecting the Conundrum of Investing in Hedge Funds Despite High Fees and Mediocre Returns

By Cary Martin Shelby November 29, 2018 by renholding

October 2018 ended with the hedge fund industry suffering its worst monthly decline since September 2011, according to the HFRI Fund Weighted Composite Index. Some commentators are predicting that 2018 will end with the hedge fund industry experiencing its worst …

Long-Term Economic Consequences of Hedge Fund Activist Interventions

By Ed deHaan, David. F. Larcker and Charles McClure October 23, 2018 by renholding

Our new academic study examines the long-term effects of interventions by activist hedge funds. Prior studies document positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism is beneficial to shareholders. We challenge and …

Wachtell Lipton Discusses the State of Play in Activism

By Martin Lipton and Zachary S. Podolsky October 11, 2018 by renholding

As we approach the 2019 proxy season, developments since September 2017 prompt a brief updated review of the state of play.

  • The threat of activism remains high, and has become increasingly global.
  • Activist assets under management remain at elevated levels,
…

The Subversion of Shareholder Democracy and the Rise of Hedge-Fund Activism

By Jang-Sup Shin September 6, 2018 by renholding

Hedge fund activists are technically just minority shareholders, yet they exert enormous influence, often forcing companies to undertake fundamental restructuring and substantially increase stock buybacks and dividends. For instance, Third Point Management and Trian Fund Management, holding only 2 percent …

Hidden Holdouts and the Puzzling Pricing of Collective Rights: An Analysis of the Venezuelan Debt Crisis

By Robert E. Scott, G. Mitu Gulati and Stephen J. Choi August 20, 2018 by renholding

The emergence of “activist” investors across a range of markets has been one of the most interesting phenomena of the past few decades (see here, here and here). These investment funds seek to capture rents from their investments …

Fried Frank Discusses the Obligations of LLC Directors and Managers

By Gail Weinstein, Steven J. Steinman, Brian T. Mangino, Randi Lally and Maxwell Yim June 20, 2018 by renholding

There are now more than twice as many entities formed in Delaware as LLCs and other alternative entities as are formed as corporations. Private equity funds and hedge funds often are formed as LLCs or limited partnerships to take advantage …

Does Firing a CEO Pay Off?

By George Alexandridis, John A. Doukas and Christos Mavis June 14, 2018 by renholding

The chief executive officer (CEO) and the top management team are typically viewed as critical to the success or failure of companies. As it is not uncommon for top executives to make value-destroying decisions, the role of internal control mechanisms, …

Cleary Gottlieb Discusses Long Term Investors’ Duty to Revive the Staggered Board

By Neil Whoriskey June 11, 2018 by renholding

Beyond the cacophonous din of voices calling for companies to serve a “social purpose,” adopt a variety of governance proposals, achieve quarterly performance targets, and listen to (and indeed even “think like”) activists, there is now, most promisingly, a call …

Hedge Funds’ Short-Term Thinking: Does It Matter for Merger Payments?

By Ning Gao, Olga Kolokolova and Achim Mattes April 24, 2018 by renholding

In 2010, Roger Carr, then-chairman of British confectionery Cadbury, waged a grueling five-month battle before losing control of the company to Kraft Foods.  “At the end of the day,” he said, “there were simply not enough shareholders prepared to take …

What Happens When an Activist Goes on the Board?

By John C. Coffee, Jr. and Joshua R. Mitts January 29, 2018 by renholding

After over a year of work, which included the review of some 635,450 Form 8-Ks filed by 7,799 public companies from January 1, 2000, to September 30, 2016, we think we know at least one answer to the question in …

1 Comment  

The Real Problem with Appraisal Arbitrage

By Richard A. Booth October 27, 2016 by renholding

In the controversial practice of appraisal arbitrage, activist investors buy shares of a corporation to be acquired by merger so as to assert appraisal rights challenging the merger price – which may already have been approved by the target’s stockholders. …

1 Comment  

Proskauer discusses Whistleblower Concerns for Private Fund Advisers

By Joshua Newville, Timothy Mungovan and Sigal Mandelker July 25, 2016 by ilyabeylin

As we have previously observed, private fund advisers face a difficult challenge when SEC guidance (in the form of a speech or a public enforcement order) indicates that certain long-standing practices may be contrary to the securities laws.  What does …

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Each business day, our team sifts through blog posts, news stories, and other sources to keep up-to-date on relevant recent developments. The following links will take you to our recommended selections. To see the sources we follow click Filter Sources.

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Reuters
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Reuters
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