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Bibliographic Metadata
- TitleShareholder activism around the globe : hedge funds vs. other professional investors / Jochen Hartmann, Matthias Pelster & Soenke Sievers
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- Description1 Online-Ressource (85 Seiten) Diagramme
- LanguageEnglish
- Document TypesScientific Article (Published Electronically)
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Abstract
Shareholder activism has sharply increased over the past decade and spread both acrosscountries and among different types of investors. Today, 50% of all engagements occuroutside North America, with non-hedge fund investors accounting for one-third of allengagements. We investigate the effects and characteristics of hedge fund and non-hedgefund activism using an international dataset of 2,689 activist engagements across 44countries between 2008 and 2019. Activist investments in North America, on average, yieldthe largest immediate positive stock market returns and buy-and-hold returns, followed byengagements in Europe and the Asia-Pacific region. In North America, short-term abnormalreturns for hedge funds are at a similar level as those for non-hedge funds, but in Europe andthe Asia-Pacific region, they are higher for non-hedge funds. However, globally, hedgefunds achieve higher buy-and hold returns and are more successful than non-hedge funds inimplementing change in target firms. Over time, our results suggest unfulfilled investorexpectations, as announcement returns are increasing but (abnormal) buy-and-hold returnsand the impact on performance measures of target firms are decreasing for both hedge fundsand non-hedge funds.
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