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Hedge Fund Activism: A ReviewAlon BravDuke University - Fuqua School of Business Wei JiangColumbia Business School - Finance and Economics Hyunseob KimCornell University - Samuel Curtis Johnson Graduate School of Management February 12, 2010 Foundations and Trends in Finance, Vol. 4, No. 3, 2009 Abstract: This article reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for shareholders in the target companies and for investors in the hedge funds. The evidence generally supports the view that hedge fund activism creates value for shareholders by effectively influencing the governance, capital structure decisions, and operating performance of target firms.
Number of Pages in PDF File: 64 Keywords: Hedge Fund, Shareholder Activism, Corporate Governance JEL Classification: G30, G32 Date posted: February 12, 2010 ; Last revised: July 25, 2011Suggested CitationContact Information
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