The anatomy of block accumulations by activist shareholders

Ulf von Lilienfeld-Toal and Jan Schnitzler

Journal of Corporate Finance, 2020, vol. 62, issue C

Abstract: We conduct a large-sample analysis of investor activism in the US based on all 13D filings from 2001 to 2016. While hedge funds represent the largest filer group, the sample contains a diverse set of other activist shareholders. This raises the question to what extent other investors perform a governance role similar to hedge funds. Based on target firms' outcome variables, like announcement returns of activist campaigns and changes in operating performance measures, we find surprisingly few differences. However, hedge funds play a special role when it comes towards takeovers. They stimulate monitoring activities among relatively larger firms and they help to set payout policies.

Keywords: Investor activism; Activist blockholders; Hedge funds; Stock ownership (search for similar items in EconPapers)
JEL-codes: G30 G32 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:62:y:2020:i:c:s092911992030064x

DOI: 10.1016/j.jcorpfin.2020.101620

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