Corpus ID: 166751830

Hedge Fund Investor Activism and Takeovers

@inproceedings{Greenwood2007HedgeFI,
  title={Hedge Fund Investor Activism and Takeovers},
  author={R. Greenwood and Michael Schor},
  year={2007}
}
We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are acquired ex-post, but not detectably different from zero for targets that remain independent a year after the initial activist request. Announcement returns show a similar pattern. Firms that are targeted by activists are more likely to get acquired than… Expand
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