Activist Hedge Funds: Beware the New Titans

Published on Feb 16, 2021in Academy of Management Perspectives
· DOI :10.5465/AMP.2018.0059
Albert Ahn2
Estimated H-index: 2
(UCI: University of California, Irvine),
Margarethe F. Wiersema27
Estimated H-index: 27
(UCI: University of California, Irvine)
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Abstract
Deploying more than $65 billion in capital globally and with more than 900 campaigns in 2018, activist hedge funds represent “the activist” in the capital market and are having a significant influe...
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How do firms alter their strategic actions when targeted by different types of activist shareholders? We argue that hedge fund activists threaten firms in ways that lead them to conserve resources ...
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We investigate how CEOs’ implicit motives can shape firms’ competitive intensity in response to external threats. We examine this phenomenon in the context of short seller activism, which occurs wh...
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Abstract null null Hedge funds go beyond their statements on the transaction purpose in Schedule 13D by stating their activism objectives in a letter to the corporate management. Anyhow, prior work does not examine the impact of the communication channel systematically. The content of the letters aims at enabling corporate management to understand the activism goals better. Therefore, the communication channel might reduce the perceived uncertainty regarding the expected activism value. Hence, w...
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