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The Activism of Carl Icahn and Bill Ackman
Jason D. Schloetzer
Georgetown University - McDonough School of Business
Richard Lee
Georgetown University - Department of Finance
May 1, 2014
The Conference Board Director Notes, DN-V6N10, May 2014
Georgetown McDonough School of Business Research Paper No. 2442317
Abstract:
Activist hedge funds merit the attention of corporate directors, as the value of the assets under management increases and activist funds’ targets expand well beyond small capitalization companies. This report reviews the tactics used by two prominent activist hedge fund managers to create change in 13 companies in their portfolio and highlights four perceived governance failures at target companies that attracted activist funds’ attention. This release also includes a review of characteristics of activist hedge funds, the incentives their managers have to generate positive returns, and current research investigating whether and how hedge fund activism affects target companies.
Number of Pages in PDF File: 18
Keywords: Activism, hedge funds, corporate governance
JEL Classification: G10, G30, M10
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Date posted: May 28, 2014
Suggested CitationSchloetzer, Jason D. and Lee, Richard, The Activism of Carl Icahn and Bill Ackman (May 1, 2014). The Conference Board Director Notes, DN-V6N10, May 2014; Georgetown McDonough School of Business Research Paper No. 2442317. Available at SSRN: http://ssrn.com/abstract=2442317
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