We focus on the role of activists in the market for corporate control and provide evidence that activists curb incentives to engage in empire building acquisitions, limiting the scope of one of the most destructive forces in public companies. More
Governance under the Gun: Spillover Effects of Hedge Fund Activism
Hedge fund activism is an important monitoring mechanism associated with substantial improvements in the governance and performance of targets. More
Hedge Fund Activists: Do They Take Cues from Institutional Exit?
This paper investigates the role of institutional trading in the emergence of hedge fund activism – an important governance device associated with large improvements in the performance and governance of target firms. More