Randall S. Thomas

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Using the first large-scale sample of hedge fund activism, from 2004-05, we show that activist hedge funds resemble value investors and that the announcement of hedge fund activism generates statistically significant abnormal returns, in the range of 5-7% for a 20-day window, with results that are robust for different buy-and-hold periods. Target firms have(More)
* This paper was started while Gillan was with the TIAA-CREF Institute. The views expressed in this paper are those of the authors and do not necessarily reflect those of TIAA-CREF. We would like to thank Abstract We provide arguments and present evidence that corporate governance structures are composed of interrelated mechanisms, which are in turn(More)
2000, is a preliminary version of a paper to be presented at a University of Pennsylvania Law School conference on Norms and Corporate Law in December, 2000. A later version will include more complete footnotes. I am grateful for excellent suggestions received from Henry Smith and George Triantis. Interested readers can contact s-levmore@uchicago.edu, where(More)
Among the arguments that have been put forward to support the view that takeover defenses increase shareholder returns when a company becomes a takeover target, the " bargaining power hypothesis " is the most commonly cited argument today. Under this theory, takeover defenses allow the target to extract more in a negotiated acquisition because the bidder's(More)
a r t i c l e i n f o a b s t r a c t Using hand-collected data, we examine the targeting of shareholder class action lawsuits in merger and acquisition (M&A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M&A offers subject to shareholder lawsuits are completed at a significantly lower(More)
AIM This study was conducted to understand whether serum level of the steroid and metabolic hormones may be indicative of their level in ovarian follicular fluid (FF) in porcine, and its influence on fertility. MATERIALS AND METHODS Ovaries from pigs (n=32) of two genetic groups, namely, native (Ghungroo; n=16) and crossbred (Hampshire × Ghungroo; n=16)(More)