Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification

Alon Brav (), Hyunseob Kim and Wei Jiang ()
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Alon Brav: The Fuqua School of Business, Duke University, Durham, North Carolina 27708
Wei Jiang: Columbia Business School, Columbia University, New York, NY 10027

Annual Review of Financial Economics, 2015, vol. 7, issue 1, 579-595

Abstract: Hedge fund activism emerged as a major force of corporate governance in the 2000s. By the mid-2000s, there were between 150 and 200 activist hedge funds in action each year, advocating for changes in 200–300 publicly listed companies in the United States. In this article, we review the evolution and major characteristics of hedge fund activism, as well as the short- and long-term impacts of the performance and governance of targeted companies. Though most of the analyses here are based on a comprehensive sample of over 2,000 activism events in the United States from 1994 to 2011, hand-collected by the authors from regulatory filings and news searches, this article covers all major studies on the topic, including those on markets outside of the United States.

Keywords: corporate governance; productivity; shareholder activism (search for similar items in EconPapers)
JEL-codes: G23 G30 G32 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (22)

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