Becht, Marco; Franks, Julian R; Grant, Jeremy; Wagner, … - C.E.P.R. Discussion Papers - 2015
This paper provides evidence that returns to hedge fund activism are driven by engagement outcomes. We use a sample of … 1,740 activist engagements from 23 countries to estimate performance of activism across North America, Europe and Asia … in performance of activism. Although there is evidence that activists put companies into play, frequently those takeovers …