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Hedge Fund Activism: A Review

Author

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  • Brav, Alon
  • Jiang, Wei
  • Kim, Hyunseob

Abstract

This monograph reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for shareholders in the target companies and for investors in the hedge funds. The evidence generally supports the view that hedge fund activism creates value for shareholders by effectively influencing the governance, capital structure decisions, and operating performance of target firms.

Suggested Citation

  • Brav, Alon & Jiang, Wei & Kim, Hyunseob, 2010. "Hedge Fund Activism: A Review," Foundations and Trends(R) in Finance, now publishers, vol. 4(3), pages 185-246, March.
    • Handle: RePEc:now:fntfin:0500000026
    DOI: 10.1561/0500000026
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    Keywords

    Finance; Corporate governance;

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