Institutional Investor Activism

Institutional Investor Activism

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The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, 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.He is a prominent cross-disciplinary scholar in the fields of law and economics, with his current research focusing on topics of corporate law, corporate finance, and labour law and economics. Since 1970, when he joined the University ofanbsp;...

Title:Institutional Investor Activism
Author: Nicholas F Gallicchio Profesor of Law and Co-Director Institute for Law & Economics William Bratton, William Bratton, Joseph A. McCahery, Program Director of Finance and Law at Duisenberg School of Finance Joseph A McCahery
Publisher:Oxford University Press, USA - 2015-02-01

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