A new breed of activism

Tanja Artiga Gonzalez and Paul Calluzzo

Finance Research Letters, 2020, vol. 37, issue C

Abstract: This paper examines shareholder activism campaigns where multiple large activists concurrently target the same firm. We document that activists prefer to target firms that other activists are already targeting, and that the frequency of these campaigns has been stable over our sample period. This phenomenon is most prevalent within six months of the arrival of the initial activist, when the activists pursue similar strategies, and when the initial activist generates very low or high returns. These results help increase understanding of this new breed of activism.

Keywords: Shareholder activism; Large blockholder (search for similar items in EconPapers)
JEL-codes: G11 G34 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:37:y:2020:i:c:s1544612319307548

DOI: 10.1016/j.frl.2019.101369

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