This review covers the following four parts of research on hedge fund activism. The first, and most important, is on hedge fund activism in the public companies in the United States. The most comprehensive study in this area is conducted by Brav et al. (2008a) who examine a sample of 1,059 hedge fund activism events over the period 2001-2006. They analyze the objectives and tactics of the hedge fund activists, the characteristics of targets firms, the market's reactions to activism, and changes in firm performance after the intervention of hedge funds. Klein and Zur (2009) collect a sample of 151 activism events over the period 2003-2005. They focus on confrontational hedge fund activism. Boyson and Mooradian (2007) examine 418 hedge fund activism cases from 1994 to 2005. Clifford (2008) collects another sample of 1,902 activism cases over the period 1998-2005 and focuses on stock price reactions and changes in operating performance. Finally, Greenwood and Schor (2009) study the role of hedge fund activism on mergers and acquisitions using a sample of 784 events for 138 hedge funds over the period of 1995-2005.
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