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Author: Mihaela Butu Publisher: Diplomica Verlag ISBN: 3842889143 Category : Business & Economics Languages : en Pages : 61
Book Description
In recent years, hedge funds' successful interventions in some large public companies have revealed their critical role in the corporate governance landscape in the United States and Europe. Due to public opinion, this new form of shareholder activism is accompanied by much polemic. This study examines the nature of hedge fund activism, the types of them, and the market’s perception of interventions in the United States. Starting with a distinction between shareholder activism by traditional institutions, and activism performed by hedge funds, the study elucidates why the latter may be more effective in monitoring management, and reduce agency costs. Analysing the Schedules 13D filed with the U.S. Securities and Exchange Commission, the study provides a classification of activists’ demands into ten distinct categories, arguing that hostile forms of activism are not central for hedge funds, and some more aggressive types of activism are possibly used as a negotiating tool to achieve the activist’s agenda. Using the event study methodology, the author estimates the stock returns around the announcement date. For a better understanding of hedge fund activism, and their demands on target companies, the reader will find two original Schedule 13D filings accompanied by letters to the management. Finally, the paper concludes on a view of the subject through the prism of the 2007/ 2008 financial crisis, outlining some trends in the aftermath of the financial market turmoil.
Author: John C. Coffee Publisher: ISBN: 9781680830767 Category : Corporate governance Languages : en Pages : 108
Book Description
The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance has three basic aims: to understand and explain the factors that have caused an explosion in hedge fund activism; to examine the impact of this activism; and to survey and evaluate possible legal interventions with an emphasis on the least restrictive alternative.
Author: Jeffrey Neil Gordon Publisher: Oxford University Press ISBN: 0198743688 Category : Business & Economics Languages : en Pages : 1217
Book Description
Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finance that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. The Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.
Author: William W. Bratton Publisher: Oxford University Press ISBN: 0198723938 Category : Business & Economics Languages : en Pages : 817
Book Description
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 and research 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.
Author: OECD Publisher: OECD Publishing ISBN: 9264116052 Category : Languages : en Pages : 78
Book Description
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author: Sarah Kumpf Publisher: Diplomica Verlag ISBN: 3842889488 Category : Business & Economics Languages : en Pages : 93
Book Description
The increasing popularity of private equity (‘PE’), and especially leveraged buyouts in the late 1980s, established a novel area of research in these investments. First, research concentrated on the taking private of large corporations in the US. In his most significant paper, Jensen (1989) claimed that PE firms which function as activist investors incentivize the management of their portfolio companies to maximize value, and concluded that in the long run, private companies, owned by PE firms, would outperform firms under public ownership. Others argued that PE firms simply buy companies at a discount by exploiting private information about the takeover targets, or reduce tax spending by highly leveraging the portfolio companies. Today, many PE firms are publicly listed, and the greater transparency and availability of information about these listed PE firms, offers a unique basis to conduct research. Current research in the field of PE, and buyout investments leads to the question, in how far PE firms generate value by means of an investment into a portfolio company. Usually, drivers of value generation are classified into governance, financial and operational capabilities of PE firms. In addition to these direct drivers of value, investment and portfolio management strategies differ with respect to the ways of acquiring and divesting a portfolio company, and these different entry, and exit channels can in turn, offer distinct potential for value generation. Therefore, this paper first presents the investment and portfolio management strategies of PE firms. The strategies include different types of acquisitions, and exits, as well as the associated drivers of value creation. The second objective is to establish a link between different investment strategies, and the expected returns generated on the investor level. Listed PE allows analyzing the market’s reaction to the announcement of investments, and divestments within an event study, and hypotheses were derived for both of these types of events. Thereupon, subsamples of announcements are constructed, dependent on the way of entry and exit announced as well as on strategic decisions implemented in the portfolio company that is to be disposed.
Author: Frederik Bruns Publisher: Diplomica Verlag ISBN: 384288799X Category : Business & Economics Languages : en Pages : 113
Book Description
Modern Portfolio Theory is a theory which was introduced by Markowitz, and which suggests the building of a portfolio with assets that have low or, in the best case, negative correlation. In times of financial crises, however, the positive diversification effect of a portfolio can fail when Traditional Assets are highly correlated. Therefore, many investors search for Alternative Asset classes, such as Renewable Energies, that tend to perform independently from capital market performance. 'Windfall Profit in Portfolio Diversification?' discusses the potential role of Renewable Energy investments in an institutional investor’s portfolio by applying the main concepts from Modern Portfolio Theory. Thereby, the empirical analysis uses a unique data set from one of the largest institutional investors in the field of Renewable Energies, including several wind and solar parks. The study received the Science Award 2012 of the German Alternative Investments Association ('Bundesverband Alternative Investments e.V.').
Author: Financial Crisis Inquiry Commission Publisher: Cosimo, Inc. ISBN: 1616405414 Category : Political Science Languages : en Pages : 692
Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Maria Goranova Publisher: Springer ISBN: 1137373938 Category : Business & Economics Languages : en Pages : 519
Book Description
In this volume, leading management experts offer critical insights into the promises and illusions of shareholder empowerment, the discrepancies between theory and practice, and the challenges posed by variations in global corporate governance regimes.
Author: Alon Brav
Author: Alon Brav
Author: Mihaela Butu
Author: John C. Coffee
Author: Jeffrey Neil Gordon
Author: William W. Bratton
Author: OECD
Author: Sarah Kumpf
Author: Frederik Bruns
Author: Financial Crisis Inquiry Commission
Author: Maria Goranova