Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation

Paperback | September 10, 2015

EditorWilliam Bratton, Joseph A. McCahery

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The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target andresearch companies, take large positions in their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate.The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.

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The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge f...

William Bratton is Nicholas F. Gallicchio Professor of Law and Co-Director of the Institute for Law and Economics at the University of Pennsylvania Law School. He is recognized internationally as a leading writer on business law. He brings an interdisciplinary perspective to a wide range of subject matters that encompass corporate gov...
Format:PaperbackDimensions:816 pages, 9.69 × 6.73 × 0.07 inPublished:September 10, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198723946

ISBN - 13:9780198723943

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Table of Contents

1. William W. Bratton and Joseph A. McCahery: IntroductionPart I. The Disempowered Shareholder2. Stuart Gillan and Laura T. Starks: The Evolution of Shareholder Activism in the United States3. Lucian A. Bebchuk: The Myth of the Shareholder Franchise4. Peter Cziraki, Luc Renneboog and Peter G. Szilagyi: Shareholder Activism through Proxy Proposals: The European PerspectivePart II. Hedge Fund ActivismA. Patterns and Policy Questions - Dark Sides and Light Sides5. Marcel Kahan and Edward Rock: Hedge Funds in Corporate Governance and Corporate Control6. John Armour and Brian Cheffins: The Rise and Fall (?) of Shareholder Activism by Hedge FundsB. Ownership Stakes, Operating Results, and Financial Returns7. Marco Becht, Julian Franks, Colin Mayer and Stefano Rossi: Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes Focus Fund8. Alon Brav, Wei Jiang, Frank Partnoy and Randall Thomas: Hedge Fund Activism, Corporate Governance and Corporate Performance9. April Klein and Emanuel Zur: Entrepreneurial Shareholder Activism: Hedge Funds and Other Private InvestorsC. Strategic Holding versus Collective Interest: Empty Voting and Bankruptcy Reorganization10. Henry T.C. Hu and Bernard S. Black: Debt, Equity and Hybrid Decoupling: Corporate Governance and Systemic risk Implications11. Douglas Baird and Robert K. Rasmussen: Common Pools, Common Disasters and the Anti-Commons: Hedge Fund Activity in Corporate Reorganizations12. Wei Jiang, Kai Li and Wei Wang: Hedge Funds and Chapter 11Part III. Private Equity and Corporate GovernanceA. Structure and Motivation13. Steven N. Kaplan and Per Stromberg: Leveraged Buyouts and Private EquityB. How has Private Equity Performed?14. Ludovic Phalippou: Performance of Buyout Funds RevisitedPart IV. The Regulatory FrameworkA. Structural Treatment of Hedge funds and Private Equity: Investor Protection and Systemic Risk15. Douglas Cumming, Na Dai, and Sofia A. Johan: Hedge Fund Regulation and Governance16. Dan Awrey: The Limits of EU Hedge Fund Regulation17. Joseph A. McCahery and Erik P.M. Vermeulen: Recasting Private Equity Funds after the Financial Crisis: The End of 'Two and Twenty' and the Emergence of Co-Investment and Separate Account ArrangementsB. Regulation and the Costs and Benefits of Shareholder Activism18. Lucian A. Bebchuk and Robert J. Jackson,Jr.: The Law and Economics of Blockholder Disclosure19. Jill E. Fisch: The Destructive Ambiguity of Federal Proxy AccessC. Law Reform: the Burden of Persuasion20. William W. Bratton and Michael L. Wachter: The Case Against Shareholder Empowerment