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We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist's high success rate in achieving its(More)
This version of the paper is extremely preliminary. Please do not reproduce or send the paper to others without the permission of the authors. at Dallas for their helpful comments. We gratefully acknowledge Dan Konigsburg and Standard and Poors' for their cooperation and help and for providing us access to RatingsDirect. Abstract This paper examines the(More)
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