Institutional investor activism : hedge funds and private equity, economics and regulation / edited by William W. Bratton and Joseph A. McCahery.

Oxford, United Kingdom : Oxford University Press, 2015.

©2015

HG4530 .I448 2015

First edition.

9780198723943 (pbk.)
0198723946 (pbk.)
9780198723936 (hbk.)
0198723938 (hbk.)

xxxi, 781 pages : illustrations ; 25 cm

(OCoLC)884817927

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.

"This volume emerged out of a March 2007 Conference on Activist Investors, Hedge Funds and Corporate Governance, organized by the University of Amsterdam Center for Law and Economics, Vanderbilt University School of Law, and the European Corporate Governance Institute in Amsterdam"--Page v.

Includes bibliographical references and index.

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Purchased from the income of the Edith L. Fisch Fund