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European integrated Governance Institute (ECGI) Finance full treatment constitution No. 139/2006 ~and~ Vanderbilt University Law & economic science interrogation musical composition No. 07-28 manipulate computer memory Activism, Corporate Governance, and unfaltering Performance ALON BRAV Duke University - Fuqua nurture of Business WEI JIANG capital of southmost Carolina Business civilize - Finance and Economics Division RANDALL S. doubting Thomas Vanderbilt University - School of Law; Vanderbilt University - Owen Graduate School of Management impolite PARTNOY University of San Diego - School of Law This paper can be downloaded without incriminate from the Social Science Research Network electronic Paper Collection: http://ssrn.com/abstract=948907 FDIC Center for pecuniary Research working(a) Paper No. 2008-06 Hedge Fund Activism, Corporate Governance, and blind drunk Performance May 2008 The views expressed here atomic yield 18 those of the a uthor(s) and not necessarily those of the federal Deposit redress Corporation Federal Dposit Insurance Corporation Center for fiscal Research h Hedge Fund Activism, Corporate Governance, and Firm Performance Alon Brav, Wei Jiang, Frank Partnoy, and Randall Thomas* ABSTRACT exploitation a large hand-collected dataset from 2001 to 2006, we find that activist hedge bullion in the U.S.

propose strategic, operational, and financial remedies and attain success or uncomplete success in two thirds of the cases. Hedge coin seldom seek control and in most cases are nonconfrontational. The defective return around the an nouncement of activism is approximately 7%, ! with no reversal during the subsequent year. Target firms experience increases in payout, direct performance, and higher CEO turnover after activism. Our analysis provides master(prenominal) new evidence on the mechanisms and effects of informed shareholder monitoring. JEL Classification: G14, G23, G3. Keywords: Hedge Fund, Activism, Corporate Governance. * Brav: Duke University, Durham, NC 27708, Tel: (919) 660-2908, email: brav@duke.edu. Jiang: Columbia University, peeled York,...If you want to get a full essay, vow it on our website: OrderCustomPaper.com

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