The Activist Investing Resource Blog is a central repository for published works concerning shareholder activism


The purpose of the Resource Center is to provide valuable insight for anyone interested in financial-oriented activist investing strategies.


This site contains several presentations given by leading experts at various conferences on shareholder activism.

We also have a bookstore along with several scholarly works and published papers - which we have categorized for your convenience.


THESE CATEGORIES INCLUDE:

General Commentary

Corporate Defense Strategies

Acquisition Strategies

Corporate Governance

Hedge Fund Activists & Proxy Fights

Tracking Hedge Fund Activism


Please send us any articles or presentations you think will be a good fit for this site.


Sincerely,
David Schatz
dschatz@hedgerelations.com

General Commentary

Shareholder Activism As A Corrective Mechanism In Corporate Governance
September 2013
Paul Rose, Ohio State University Moritz College of Law
Bernard Sharfman, Case Western Reserve University School of Law
The Paper is Available Here

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Round Table Challenge
October 2010
Bo Becker, Harvard Business School
Daniel Bergstreeser, Harvard Business School
Guhan Subramanian, Harvard Business School
The Paper is Available Here

Is the EU Taking Shareholder Rights Seriously? An Essay on the Impotence of Shareholdership in Corporate Europe
October 2010
Pavlos Masouros, Leiden University
The Paper is Available Here

Hedge Funds and the Financial Crisis
April 2010
Houman Shadab, New York Law School
The Paper is Available Here

The Role of the Board in Turbulent Times: Avoiding Shareholder Activism
April 2009
Damien Park, Hedge Fund Solutions
Matteo Tonello, The Conference Board
The Paper is Available Here

Convergence and Divergence: Blurring the Lines Between Hedge Funds and Private Equity Funds
July 2006
Jonathan Bevilacqua, State University of New York at Buffalo
The Paper is Available Here

When Unocal Won Over Pickens, Shareholders and Society Lost
August 2006
Michael Jensen, Harvard Business School
The Paper is Available Here

On the Importance of Golden Parachutes
August 2010
Eliezer Fich, Drexel University
Anh Tran, City University London
Ralph Walking, Drexel University
The Paper is Available Here

The Costs of Entrenched Boards
April 2009
Lucian Bebchuk, Harvard University
Alma Cohen, Tel Aviv University
The Paper is Available Here

The Case for Increasing Shareholder Power
March 2003
Lucian Bebchuk, Harvard University
The Paper is Available Here

Hedge Funds versus Private Equity Funds as Shareholder Activists - Differences in Value Creation
April 2008
Mark Mietzner, Darmstadt University of Technology
Denis Schweizer, WHU (Otto Beisheim)
The Paper is Available Here

Value Creation or Destruction? Hedge Funds as Shareholder Activists
June 2007
Christopher Clifford, University of Kentucky
The Paper is Available Here

Shareholders' Say on Pay: Does it Create Value?
November 2009
Jie Cai, Drexel University
Ralph Walking, Drexel University (Lebow)
The Paper is Available Here

Stock Picking in Disguise?
New Evidence that Hedge Fund Activism Adds Value
April 2009
Benjamin Solarz
The Paper is Available Here

The Case For Activist Investing
December 2008
Ramius Group
The Paper is Available Here

Shareholder Activism and the "Eclipse of the Public Corporation": Is the Current Wave of Activism Causing Another Tectonic Shift in the American Corporate World?
The 2008 Directors Forum of The University of Minnesota Law School
Martin Lipton, Partner
Wachtell, Lipton, Rosen & Katz
The Paper is Available Here

Equity and Debt Decoupling and Empty Voting II: Importance and Extensions
The University of Pennsylvania Law Review, January 2008
Henry Hu & Bernard Black
The Paper is Available Here

*The Image is Extracted From Here

If you enjoyed these papers, you may be interested in...

   

Corporate Defense Strategies

Poison Pill Securities: Stockholder Wealth, Profitability, and Ownership Structure
September 2008
Paul Malatesta, University of Washington
Ralph Walking, Drexel University (Lebow)
The Paper is Available Here

On the Validity of Poison Pill By-Laws
June 2006
Lucian Bebchuk, Harvard University
Jay Eisenhofer, Stuart Grant, Michael Barry, P. Bradford DeLeeuw
The Paper is Available Here

Governance Mechanisms and Effective Activism: Evidence from Shareholder Proposals on Poison Pills
January 2006
Miereia Gine, University of Pennsylvania
Rabih Moussawi, University of Pennsylvania
The Paper is Available Here 

Removing Poison Pills: A Case of Shareholder Activism
October 2006
Ali C. Akyol, University of Melbourne
Carolyn Carrol, University of Alabama
The Paper is Available Here

Staggered Boards, Managerial Entrenchment, and Dividend Policy
March 2009
Pornsit Jiraporn, Pennsylvania State University
Pandej Chintrakarn, MUIC
The Paper is Available Here

The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy
April 2009
Lucian Bebchuk, Harvard Law School
John Coates, IV, Harvard Law School
Guhan Subramanian, Harvard Business School
The Paper is Available Here

Do Antitakeover Defenses Decrease Shareholder Wealth? The Ex Post/ Ex Ante Valuation Problem
February 2003
Lynn Stout, UCLA School of Law
The Paper is Available Here
Takeover Defenses in the Shadow of the Pill: A Critique of the Scientific Evidence
November 2008
John Coates, IV, Harvard Law School
The Paper is Available Here

A Safe Landing? Golden Parachutes and Corporate Behavior
August 1998
M.P. Narayanan, University of Michigan
Anant Sundaram, Dartmouth College (Tuck)
The Paper is Available Here

On the Importance of Golden Parachutes
August 2010
Eliezer Fich, Drexel University
Anh Tran, City University London
Ralph Walking, Drexel University
The Paper is Available Here

The Costs of Entrenched Boards
April 2009
Lucian Bebchuk, Harvard University
Alma Cohen, Tel Aviv University
The Paper is Available Here

*The Image is Extracted From Here

Acquisition Strategies




SPACs as an Asset Class
March 2009
Stefan Lewellen, Yale School of Management
The Paper is Available Here

Why SPAC Investors Should Listen to the Market
February 2009
Tim Jenkinson, University of Oxford
Miguel Sousa, University of Oxford
The Paper is Available Here

The Truth About Reverse Mergers
June 2008
William Sjostrom Jr., University of Arizona
The Paper is Available Here

Corporate Restructuring: Breakups and LBOs
May 2009
Karin Thorburn, Norwegian School of Economics and Business Administration
B. Espen Eckbo, Dartmouth College (Tuck)
The Paper is Available Here

White Knights and the Corporate Governance of Hostile Takeovers
February 2008
Riccardo Calcagno, VU University Amsterdam
Sonia Falconieri, Cass Business School
The Paper is Available Here

White Knights and Black Knights - Does the Search for Competitive Bids Always Benefit the Shareholders of 'Target' Companies?
March 2008
Federico Mucciarelli, University of Modena and Reggio Emilia
The Paper is Available Here

Takeovers: Folklore and Science
August 2006
Michael Jensen, Harvard Business School
The Paper is Available Here

Takeover Bids Vs. Proxy Fights in Contests for Corporate Control
2001
Lucian Bebchuk, Harvard University
Oliver Hart, Harvard University
The Paper is Available Here

Hedge Fund Investor Activism & Takeovers
Harvard Business School, July 2007
Robin Greenwood & Michael Schor
The Paper is Available Here


If you enjoyed these papers, you may be interested in...


Merger Arbitrage: How to Profit from Event-Driven Arbitrage (Wiley Finance)     Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World

Merger Arbitrage
Extreme Value Hedging

Corporate Governance

White Knights and the Corporate Governance of Hostile Takeovers
February 2008
Riccardo Calcagno, VU University Amsterdam
Sonia Falconieri, Cass Business School
The Paper is Available Here

What Matters in Corporate Governance
April 2009
Lucian Bebchuk, Harvard University
Alma Cohen, Tel Aviv University
Allen Ferrell, Harvard Law School
The Paper is Available Here

Corporate Governance and Firm Performance
December 2004
Lawrence Brown, Georgia State University
Marcus Caylor, University of Southern California
The Paper is Available Here

Corporate Governance and the New Hedge Fund Activism: an Empirical Analysis
June 2006
Thomas Briggs
The Paper is Available Here

Hedge Funds in Corporate Governance and Corporate Law
July 2006
Marcel Kahan, New York University
Edward Rock, University of Pennsylvania
The Paper is Available Here

Hedge Fund Activism and Corporate Governance: The State of the Art
August 2008
Faysal Barrachdi
The Paper is Available Here

Hedge Fund Activism, Corporate Governance and Firm Performance
September 2006
Alon Brav, Duke University
Wei Jiang, Columbia University
Frank Portnoy, University of San Diego
Randall Thomas, Vanderbilt University
The Paper if Available Here

*The Image is Extracted From Here


If you enjoyed these papers, you may be interested in...


Investing in Corporate Social Responsibility: A Guide to Best Practice, Business Planning & the UK's Leading Companies


Investing in Corporate Social Responsibility

Hedge Fund Activists and Proxy Fights

Intense Hedge Fund Activists
February 2010
Robert Mooradian, Northeastern University
Nicole Boyson, Northeastern University
The Paper is Available Here

Shareholder Activism Through the Proxy Process
March 2010
Luc Renneboog, Tilburg University
Peter Szilagyi University of Cambridge
The Paper is Available Here

Steel Partners Activism Efforts at United Industrial, Ronson, and BKF Capital: The Good, the Bad, and the Ugly
October 2009
Timothy Kruse, Xavier University
Kazunori Suzuki, Chuo University
The Paper is Available Here

Shareholder Proposal for Reimbursement of Expenses Incurred in Proxy Contests
2009
Stuart Grant & John Kairis
Grant & Eisenhofer
The Paper is Available Here

*The Image is Extracted From Here

If you enjoyed these papers, you may be interested in...


The Vulture Investors, Revised and Updated     Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff (Bloomberg)     Top Hedge Fund Investors: Stories, Strategies, and Advice (Wiley Finance)

Vulture Investors
Confidence Game
Top Hedge Fund Investors

Executive Compensation

Optimal CEO Compensation: Some Equivalence Results
January 2006
Chongwoo Choe, Monash University
The Paper is Available Here

Shareholder Activism & CEO Pay
August 2009
Yonca Ertimur, Duke University
Volkan Muslu, University of Texas at Dallas
Fabrizio Ferri, NYU – Stern School of Business
The Paper is Available Here



*The Image is Extracted from Here

Tracking Hedge Fund Activism

The Evolution of Shareholder Activism in the United States
January 2007
Stuart Gillan, Texas Tech University
Laura Starks, Texas Tech University
The Paper is Available Here

Hedge Fund Activism
October 2006
April Klein, New York University
Emanuel Zur, New York University
The Paper is Available Here

Leveraged Recapitalizations, Operating Efficiency, and Stockholder Wealth
October 1998
M. Mark Walker, University of Mississippi
The Paper is Available Here

Wealth Effects of Hedge Fund Activism
(Interesting study on effects to bondholders)
June 2009
Hadiye Aslan, University of Houston
Hilda Maraachlian, University of Houston
The Paper is Available Here

Liquidity and Shareholder Activism
June 2009
Oyvind Norli, Norwegian School of Management
Charlotte Ostergaard, Norwegian School of Management; Central Bank of Norway
Ibolya Schindele, Norwegian School of Management
The Paper is Available Here

Influences of Hedge Fund Activism on the Medium Term Target Firm Value
August 2007
Nick W.A. Stokman
Erasmus University Rotterdam
This Paper is Available Here

Hedge Fund Investor Activism & Takeovers
Harvard Business School, July 2007
Robin Greenwood & Michael Schor
The Paper is Available Here

*The Image is Extracted From Here

If you enjoyed these papers, you may be interested in...


The Shareholder Activism Report


The Shareholder Activism Report

Regulation and Law


The Corporate Governance and Public Policy Implications of Activist Distressed Debt Investing
November 2008
Michelle Harner, University of Maryland
The Paper is Available Here

European Takeover Regulation
July 2003
Erik Berglof, European Bank of Reconstruction and Development
Mike Burkart, Stockholm School of Economics
The Paper is Available Here

Did the 'Repeal' of Glass-Steagall Have Any Role in the Financial Crisis? Not Guilty; Not Even Close
November 2009
Peter Wallison, American Enterprise Institute
The Paper is Available Here

A Framework for Analyzing Legal Policy Towards Proxy Contests
May 2009
Lucian Bebchuk, Harvard University
Marcel Kahan, New York University
The Paper is Available Here

Delaware's Takeover Law: The Uncertain Search for Hidden Value
June 2002
Bernard Black, Northwestern University
Reinier Kraakman, Harvard Law School
The Paper is Available Here

On the Validity of Poison Pill By-Laws
June 2006
Lucian Bebchuk, Harvard University
Jay Eisenhofer, Stuart Grant, Michael Barry, P. Bradford DeLeeuw
The Paper is Available Here

Hedge Funds in Corporate Governance and Corporate Law
July 2006
Marcel Kahan, New York University
Edward Rock, University of Pennsylvania
The Paper is Available Here

Examining the Impact of SEC Guidance Change on CEO Succession Planning
May 2010
Edward Ferris and Justus O'Brien
Hedge Fund Solutions LLC; Egon Zehnder Intl.
The Paper is Available Here

*Category Image Extracted From Here

Published Research on Shareholder Activism Issues



Hedge Funds and the Financial Crisis
April 2010
Houman Shadab, New York Law School
The Paper is Available Here

Convergence and Divergence: Blurring the Lines Between Hedge Funds and Private Equity Funds
July 2006
Jonathan Bevilacqua, State University of New York at Buffalo
The Paper is Available Here

European Takeover Regulation
July 2003
Erik Berglof, European Bank of Reconstruction and Development
Mike Burkart, Stockholm School of Economics
The Paper is Available Here

Did the 'Repeal' of Glass-Steagall Have Any Role in the Financial Crisis? Not Guilty; Not Even Close
November 2009
Peter Wallison, American Enterprise Institute
The Paper is Available Here

When Unocal Won Over Pickens, Shareholders and Society Lost
August 2006
Michael Jensen, Harvard Business School
The Paper is Available Here

SPACs as an Asset Class
March 2009
Stefan Lewellen, Yale School of Management
The Paper is Available Here

Why SPAC Investors Should Listen to the Market
February 2009
Tim Jenkinson, University of Oxford
Miguel Sousa, University of Oxford
The Paper is Available Here

The Truth About Reverse Mergers
June 2008
William Sjostrom Jr., University of Arizona
The Paper is Available Here

The Corporate Governance and Public Policy Implications of Activist Distressed Debt Investing
November 2008
Michelle Harner, University of Maryland
The Paper is Available Here

Corporate Restructuring: Breakups and LBOs
May 2009
Karin Thorburn, Norwegian School of Economics and Business Administration
B. Espen Eckbo, Dartmouth College (Tuck)
The Paper is Available Here

Leveraged Recapitalizations, Operating Efficiency, and Stockholder Wealth
October 1998
M. Mark Walker, University of Mississippi
The Paper is Available Here

White Knights and the Corporate Governance of Hostile Takeovers
February 2008
Riccardo Calcagno, VU University Amsterdam
Sonia Falconieri, Cass Business School
The Paper is Available Here

White Knights and Black Knights - Does the Search for Competitive Bids Always Benefit the Shareholders of 'Target' Companies?
March 2008
Federico Mucciarelli, University of Modena and Reggio Emilia
The Paper is Available Here

Optimal CEO Compensation: Some Equivalence Results
January 2006
Chongwoo Choe, Monash University
The Paper is Available Here

Takeovers: Folklore and Science
August 2006
Michael Jensen, Harvard Business School
The Paper is Available Here

A Safe Landing? Golden Parachutes and Corporate Behavior
August 1998
M.P. Narayanan, University of Michigan
Anant Sundaram, Dartmouth College (Tuck)
The Paper is Available Here

On the Importance of Golden Parachutes
August 2010
Eliezer Fich, Drexel University
Anh Tran, City University London
Ralph Walking, Drexel University
The Paper is Available Here

The Costs of Entrenched Boards
April 2009
Lucian Bebchuk, Harvard University
Alma Cohen, Tel Aviv University
The Paper is Available Here

A Framework for Analyzing Legal Policy Towards Proxy Contests
May 2009
Lucian Bebchuk, Harvard University
Marcel Kahan, New York University
The Paper is Available Here

The Case for Increasing Shareholder Power
March 2003
Lucian Bebchuk, Harvard University
The Paper is Available Here

What Matters in Corporate Governance
April 2009
Lucian Bebchuk, Harvard University
Alma Cohen, Tel Aviv University
Allen Ferrell, Harvard Law School
The Paper is Available Here

Takeover Bids Vs. Proxy Fights in Contests for Corporate Control
2001
Lucian Bebchuk, Harvard University
Oliver Hart, Harvard University
The Paper is Available Here

Staggered Boards, Managerial Entrenchment, and Dividend Policy
March 2009
Pornsit Jiraporn, Pennsylvania State University
Pandej Chintrakarn, MUIC
The Paper is Available Here

The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy
April 2009
Lucian Bebchuk, Harvard Law School
John Coates, IV, Harvard Law School
Guhan Subramanian, Harvard Business School
The Paper is Available Here

Poison Pill Securities: Stockholder Wealth, Profitability, and Ownership Structure
September 2008
Paul Malatesta, University of Washington
Ralph Walking, Drexel University (Lebow)
The Paper is Available Here

Corporate Governance and Firm Performance
December 2004
Lawrence Brown, Georgia State University
Marcus Caylor, University of Southern California
The Paper is Available Here

Do Antitakeover Defenses Decrease Shareholder Wealth? The Ex Post/ Ex Ante Valuation Problem
February 2003
Lynn Stout, UCLA School of Law
The Paper is Available Here

Takeover Defenses in the Shadow of the Pill: A Critique of the Scientific Evidence
November 2008
John Coates, IV, Harvard Law School
The Paper is Available Here

Delaware's Takeover Law: The Uncertain Search for Hidden Value
June 2002
Bernard Black, Northwestern University
Reinier Kraakman, Harvard Law School
The Paper is Available Here

On the Validity of Poison Pill By-Laws
June 2006
Lucian Bebchuk, Harvard University
Jay Eisenhofer, Stuart Grant, Michael Barry, P. Bradford DeLeeuw
The Paper is Available Here

Hedge Funds versus Private Equity Funds as Shareholder Activists - Differences in Value Creation
April 2008
Mark Mietzner, Darmstadt University of Technology
Denis Schweizer, WHU (Otto Beisheim)
The Paper is Available Here

Corporate Governance and the New Hedge Fund Activism: an Empirical Analysis
June 2006
Thomas Briggs
The Paper is Available Here

Intense Hedge Fund Activists
February 2010
Robert Mooradian, Northeastern University
Nicole Boyson, Northeastern University
The Paper is Available Here

Hedge Funds in Corporate Governance and Corporate Law
July 2006
Marcel Kahan, New York University
Edward Rock, University of Pennsylvania
The Paper is Available Here

Value Creation or Destruction? Hedge Funds as Shareholder Activists
June 2007
Christopher Clifford, University of Kentucky
The Paper is Available Here

Shareholder Activism Through the Proxy Process
March 2010
Luc Renneboog, Tilburg University
Peter Szilagyi University of Cambridge
The Paper is Available Here

Governance Mechanisms and Effective Activism: Evidence from Shareholder Proposals on Poison Pills
January 2006
Miereia Gine, University of Pennsylvania
Rabih Moussawi, University of Pennsylvania
The Paper is Available Here 

Shareholders' Say on Pay: Does it Create Value?
November 2009
Jie Cai, Drexel University
Ralph Walking, Drexel University (Lebow)
The Paper is Available Here

Steel Partners Activism Efforts at United Industrial, Ronson, and BKF Capital: The Good, the Bad, and the Ugly
October 2009
Timothy Kruse, Xavier University
Kazunori Suzuki, Chuo University
The Paper is Available Here

Examining the Impact of SEC Guidance Change on CEO Succession Planning
May 2010
Edward Ferris and Justus O'Brien
Hedge Fund Solutions LLC; Egon Zehnder Intl.
The Paper is Available Here

Shareholder Proposal for Reimbursement of Expenses Incurred in Proxy Contests
2009
Stuart Grant & John Kairis
Grant & Eisenhofer
The Paper is Available Here

Shareholder Activism & CEO Pay
August 2009
Yonca Ertimur, Duke University
Volkan Muslu, University of Texas at Dallas
Fabrizio Ferri, NYU – Stern School of Business
The Paper is Available Here

Wealth Effects of Hedge Fund Activism
(Interesting study on effects to bondholders)
June 2009
Hadiye Aslan, University of Houston
Hilda Maraachlian, University of Houston
The Paper is Available Here

Liquidity and Shareholder Activism
June 2009
Oyvind Norli, Norwegian School of Management
Charlotte Ostergaard, Norwegian School of Management; Central Bank of Norway
Ibolya Schindele, Norwegian School of Management
The Paper is Available Here

The Role of the Board in Turbulent Times: Avoiding Shareholder Activism
April 2009
Damien Park, Hedge Fund Solutions
Matteo Tonello, The Conference Board
The Paper is Available Here

Stock Picking in Disguise?
New Evidence that Hedge Fund Activism Adds Value
April 2009
Benjamin Solarz
The Paper is Available Here

The Case For Activist Investing
December 2008
Ramius Group
The Paper is Available Here

Hedge Fund Activism and Corporate Governance: The State of the Art
August 2008
Faysal Barrachdi
The Paper is Available Here

Shareholder Activism and the "Eclipse of the Public Corporation": Is the Current Wave of Activism Causing Another Tectonic Shift in the American Corporate World?
The 2008 Directors Forum of The University of Minnesota Law School
Martin Lipton, Partner
Wachtell, Lipton, Rosen & Katz
The Paper is Available Here

Equity and Debt Decoupling and Empty Voting II: Importance and Extensions
The University of Pennsylvania Law Review, January 2008
Henry Hu & Bernard Black
The Paper is Available Here

Influences of Hedge Fund Activism on the Medium Term Target Firm Value
August 2007
Nick W.A. Stokman
Erasmus University Rotterdam
This Paper is Available Here

Hedge Fund Investor Activism & Takeovers
Harvard Business School, July 2007
Robin Greenwood & Michael Schor
The Paper is Available Here

The Evolution of Shareholder Activism in the United States
January 2007
Stuart Gillan, Texas Tech University
Laura Starks, Texas Tech University
The Paper is Available Here

Hedge Fund Activism, Corporate Governance and Firm Performance
September 2006
Alon Brav, Duke University
Wei Jiang, Columbia University
Frank Portnoy, University of San Diego
Randall Thomas, Vanderbilt University
The Paper if Available Here

Hedge Fund Activism
October 2006
April Klein, New York University
Emanuel Zur, New York University
The Paper is Available Here

Removing Poison Pills: A Case of Shareholder Activism
October 2006
Ali C. Akyol, University of Melbourne
Carolyn Carrol, University of Alabama
The Paper is Available Here
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