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Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund.

Abstract:

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information....

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Publisher copy:
10.1093/rfs/hhn054.ra

Authors


Marco Becht More by this author
Julian Franks More by this author
Colin P. Mayer More by this author
Stefano Rossi More by this author
Journal:
Review of Financial Studies
Volume:
23
Issue:
3
Publication date:
2010-03-05
DOI:
URN:
uuid:5fbabe17-f7a0-43df-b86e-2dee69843d46
Local pid:
oai:economics.ouls.ox.ac.uk:14923
Language:
English

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