Research Handbook on Shareholder Power
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Research Handbook on Shareholder Power

  • Research Handbooks in Corporate Law and Governance series

Edited by Jennifer G. Hill and Randall S. Thomas

Much of the history of corporate law has concerned itself not with shareholder power, but rather with its absence. Yet, as this Handbook shows, there have been major shifts in capital market structure that require a reassessment of the role and power of shareholders. This book provides a contemporary analysis of shareholder power and considers the regulatory consequences of changing ownership patterns around the world. Leading international scholars in corporate law, governance and financial economics address these central issues from a range of different perspectives including historical, contemporary, legal, economic, political and comparative.
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Chapter 5: US hedge fund activism

Frank Partnoy

Extract

Hedge fund activism is a recent, but now prominent, topic in academic research. Since 2006, scholarship on hedge fund activism has grown from virtually non-existent to mainstream. A search for “hedge fund activism” in the Social Science Research Network database on March 17, 2015 generated 106 papers, none posted before 2006. The same search on Google Scholar generated approximately 20,000 results, but just 38 through 2006. “Hedge fund activism” did not appear in a published law review article until 2007; today, the term is common. Research suggests that the new US hedge fund activism “era” began less than two decades ago. Scholars studying US hedge fund activism have focused primarily on the period from the late 1990s through 2007. Partnoy and Thomas assemble a sample of hedge fund activism from 1999 to 2005 (Partnoy and Thomas 2005). Kahan and Rock cite a string of widely-publicized hedge fund activism stories from 2005 and 2006 (Kahan and Rock 2007). Bratton collected, and later extended, a sample of activist targets from 2002 through 2006 (Bratton 2007; Bratton 2010). Klein and Zur use a sample of activist events from 2003 to 2005 (Klein and Zur 2009). Brav, Jiang, Partnoy and Thomas collect a larger sample from 2001 to 2006, and Bebchuk, Brav, and Jiang expand this sample to cover from 1994 to 2007 (Brav et al. 2008; Bebchuk et al. 2013).

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