Does Shareholder Activism Create Value? A Meta-Analysis

Josef Bajzik, Tomas Havranek, Zuzana Irsova and Jiri Novak

No g94sx, MetaArXiv from Center for Open Science

Abstract: We conduct a meta-analysis of 1,973 estimates of stock price responses to shareholder activism reported in 67 primary studies. We document publication bias in the literature. Corrected activism effects range from 0% to 1.5%. Effects are stronger when shareholder rights are better protected and when stock markets are smaller. Markets respond more positively to activism by individual investors, confrontational activism, and activism aimed at company sale. Estimates based on longer periods, simpler risk-adjustment approaches, more recent and longer datasets, as well as those published in more reputable journals tend to be larger.

Date: 2023-06-19
New Economics Papers: this item is included in nep-fmk
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://osf.io/download/6490094c38091102a93c3079/

Related works:
Working Paper: Does Shareholder Activism Create Value? A Meta-Analysis (2023)
Working Paper: Does Shareholder Activism Create Value? A Meta-Analysis (2023)
Working Paper: Does Shareholder Activism Create Value? A Meta-Analysis (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osf:metaar:g94sx

DOI: 10.31219/osf.io/g94sx

Access Statistics for this paper

More papers in MetaArXiv from Center for Open Science
Bibliographic data for series maintained by OSF ().