Hedge fund activists have ambiguous relationships with the institutional shareholders in their target firms. While some support their activities, others counter their actions. Due to their relatively small holdings in target firms, the activists typically need the cooperation of other...

We study the tournament behavior of sell-side analysts under proper timing and show that a strong non-monotonic relationship exists between analysts' relative forecasting performance early in the tournament and their later deviations from consensus. Given that the highest performers earn...