A Survey of Shareholder Activism: Motivation and Empirical Evidence
Contemporary Finance Digest, Vol. 2, No. 3, Pp. 10-34, Autumn 1998
Posted: 20 Mar 2000
There are 2 versions of this paper
A Survey of Shareholder Activism: Motivation and Empirical Evidence
Abstract
We provide an overview of shareholder activism by institutional and individual investors. We discuss the objectives of activist shareholders, the identity of the activists, and provide a brief history of their activities. We also present a survey of the theoretical and empirical research regarding the motivations and outcomes of shareholder activism.
I. What is Shareholder Activism;
II. History of Shareholder Activism A. Early Activism B. Shareholder Activism by Institutional Investors C. Recent Developments
III. Motivation for Shareholder Activism A. Impact of a Large Shareholder B. Monitoring and Liquidity Effects C. Activism through the Proxy Process
IV. Who Gets Targeted;
V. Does Shareholder Activism Work; A. Short-term stock market reactions around the date of announcement of activism B. Voting outcomes on shareholder proposals C. Long-term Performance after the Shareholder Activism D. Changes in Other Aspects of the Target Firm E. Relationship Investing
VI. Conclusions
Note: This is a description of the article and not the actual abstract.
JEL Classification: G34
Suggested Citation: Suggested Citation