36:
470:, a shareholder receives a general vote for however many number of ballot questions there are. The votes can then be all cast for (or against) a single ballot question, which makes it easier for minority shareholders to elect candidates. There has also been a movement toward "majority" voting, where a candidate must receive the majority of votes. Most large corporations are incorporated in Delaware due to the well-developed
2423:
2413:
2403:
2433:
2110:
512:, may submit a shareholder proposal in the United States, and between 1934 and the mid-1980s these shareholders typically submitted proposals. One estimate placed institutional owners at 68% of shares and retail at 32% of shares, but 98% of institutional owners vote and only 28% of retail owners vote. Institutional shareholders, however, often vote automatically upon the advice of
320:" for acquiring an equity stake in publicly owned companies, like Icahn's investment in B.F. Goodrich, and then forcing companies to take action to improve value or rid themselves of rebel intruders like Icahn by buying back the raider's investment at a fat premium, often at the expense of the other shareholders. More recently, activist investor
404:
project. Activist hedge funds, which are hedge funds that "take concentrated positions in the equity of public corporations and actively engage with corporate managers" can address the principal-agent problem and limit self-dealing by providing management with high-powered incentives to increase value.
453:
Historically, investors were required to mail separate ballots when trying to nominate someone of their own to the board, but beginning in 2015, proxy access rules began to spread driven by initiatives from major institutional investors, and as of 2018, 71% of S&P 500 companies had a proxy access
499:
Shareholder activism directed at both
European and American companies has been surging. A 1996 study found that larger firms with higher institutional holdings made firms more likely to be targeted by activist investors. Researchers also try to understand what makes company a desirable target for an
205:
Corporations in 18th-century Europe were privileged and relatively uncommon, but in the United States became much more common, starting with 300 in the 1790s and expanding by around 26,000 between 1790 and the 1860s, resulting in about 15 times the corporations in Great
Britain by 1830. These early
170:
as well – a 2015 survey of corporate development leaders found that 60% of respondents saw shareholder activism affecting transaction activity in their industry. Increasingly, however, the non-financial form of shareholder activism is affecting companies in a range of sectors. Shareholders, often
162:
companies. In the 2010s, investments in the activist asset class grew, with activists receiving coverage by the media and positive attention from investors. Activists have typically engaged in adversarial campaigns, but have also in some cases been able to acquire board seats with a formal proxy
403:
Activist investors are often hedge funds funded by accredited investors and institutions. In 2019, institutions were demanding more upfront explanation of the activist ideas before funding, and in some cases requiring that the funds be placed into special purpose vehicles specifically for the
490:
had consistently outperformed the MSCI world index in the years following the global financial crisis in 2008. Activist investing was the top-performing strategy among hedge funds in 2013, with such firms returning, on average, 16.6% while other hedge funds returned 9.5%.
414:
Shareholder activism can be categorized as "offensive" or "defensive"; in the latter case, an existing shareholder attempts to correct some deficiency, while offensive activists build a position with the intention to agitate for change. Shareholders can also initiative a
116:. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full takeover bid is a much more costly and difficult undertaking. The goals of shareholder activism range from financial (increase of
324:
suggested that the role of the activist investor has moved from green mail to one of being a catalyst to unlock value in an underlying security, and says that the public perception of activist investors as "corporate raiders" has dissipated.
474:; in Delaware, cumulative voting is optional, but exceptions exist; for example, a California-based but Delaware-registered corporation may be "pseudo-foreign" under California law and therefore have to comply with California law.
233:. Activism was likely limited by the lack of ownership dispersion, meaning that many corporations had large shareholders with sizable blocks (10 to 20% of total shares) who already exerted significant control over the corporation.
1832:
1763:
1493:
519:
Various websites have been created to facilitate retail involvement, including Moxy Vote, Shareowners.org, United States Proxy
Exchange and ProxyDemocracy.org, but over time these generally shut down.
1006:
685:
Wright, Robert E.; Sylla, Richard (2011), Koppell, Jonathan G S (ed.), "Corporate
Governance and Stockholder/Stakeholder Activism in the United States, 1790–1860: New Data and Perspectives",
371:
As of 2018, there had been an average of 272 activist campaigns per year in the United States, including 47 proxy contests. About 47% of targeted companies were outside of the United States.
462:
Votes for the board may be "straight" or "cumulative". In straight voting (aka statutory voting), shareholders get one vote per share on all ballot questions (e.g., candidates for the
1117:
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From 1900 to 1950, about 1.22 "offensive" activist initiatives occurred per year, with more occurring in the 1940s and 1950s. Notable investors included
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1568:
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In the United States, acquisition of over 5% of beneficial ownership in a company with the intention to influence leadership must be accompanied by a
921:
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1002:
183:
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765:
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by corporate insiders, although large stockholders can also engage in self-dealing to themselves at the expense of smaller minority shareholders.
1170:
516:; allowing retail shareholders to vote based upon a guideline ("standing voting instructions") has been proposed to increase their involvement.
500:
activist investor. Lately, both scholars and practitioners started using machine learning methodologies to predict both targets and activists.
1000:
Harvard Law School Forum on
Corporate Governance and Financial Regulation: "Florida SBA Supports Proxy Access and Advisory Firm Transparency"
2472:
1987:
1929:
702:
841:
Cundill, Gary (2017). "Non-financial shareholder activism: a process model for influencing corporate environmental and social performance".
1106:
1029:
Dunlavy, Colleen A. (21 February 2007). "Social
Conceptions of the Corporation: Insights from the History of Shareholder Voting Rights".
718:
482:
Taking an activist approach to public investing may produce returns in excess of those likely to be achieved passively. A 2012 study by
1534:
392:
286:
262:
1357:
80:
887:
989:
471:
1692:
780:
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1200:
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with a comparatively small stake in a company, are seeking to influence the company's environmental and social performance.
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509:
345:
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962:
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155:
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often engage in shareholder proposals. The
Shareholder Rights Group is a coalition of shareholder proposal advocates.
282:
555:
use shareholder resolutions, and other means of pressure, to address issues such as sustainability and human rights.
62:
1960:
1876:
1304:
363:
Activist investors advertise their message out in various ways including postal mail, websites, and social media.
2462:
2388:
2332:
2051:
1922:
922:"Shareholder Activism by Public Pension. Funds and the Rights of Dissenting. Employees under the First Amendment"
58:
1222:
2225:
2095:
1714:
Fisch, Jill E. (2017). "Standing Voting
Instructions: Empowering the Excluded Retail Investor". Rochester, NY.
1278:
626:
532:
167:
2235:
811:
1881:
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Due to the
Internet, smaller shareholders have also gained an outlet to voice their opinions. In 2005, small
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2194:
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1283:
420:
140:
1886:
1564:
1410:
Coyle, John F. (25 January 2016). "Altering Rules, Cumulative Voting, and
Venture Capital". Rochester, NY.
210:, including restricted charters, bylaws, prudent-mean voting rules, dividend payments, and press coverage.
2337:
2134:
2007:
1983:
1113:
936:
270:
148:
1685:"Shareholder Advocacy In Corporate Elections: Case Studies In Proxy Voting Websites For Retail Investors"
1380:
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2020:
1992:
1973:
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1423:
598:
218:
1902:
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where the management (agents) do not adequately respond to the wishes of the principals (investors) of
151:, is notable for his use of sharply written letters directed towards the CEOs of his target companies.
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2179:
1997:
1915:
572:
552:
230:
207:
187:
1590:
Smith, Michael P. (1996). "Shareholder Activism by Institutional Investors: Evidence from CalPERS".
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2322:
2149:
2124:
988:
State Board of Administration: "SBA Corporate Governance Principles & Proxy Voting Guidelines"
1253:
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1634:
868:
567:
463:
380:
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Golden, Peter; Richter, Philip; Schwenkel, Robert; Shine, David; Sorkin, John; Weinstein, Gail.
387:
investors such as mutual funds play a significant role in corporate governance. These firms use
1825:"SEC rulemaking threatens to disrupt ESG investment ecosystem and undermine shareholder rights"
1059:
The First Known Shareholder Activist: The Colorful Life and Times of Isaac le Maire (1559–1624)
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1968:
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858:
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352:
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105:
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Gregory, Holly J.; Grapsas, Rebecca; Holl, Claire; LLP, Sidley Austin; on (February 2019).
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630:
591:
448:
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329:
222:
159:
1484:
Activist Insight: "New Shareholder Activist Index Reveals Rewards of Activist Investing"
1335:
2277:
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2025:
1978:
1603:
577:
317:
298:
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254:
242:
214:
121:
558:
For an analysis of the hundreds of annual shareholder resolutions, see Proxy Preview.
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125:
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17:
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2065:
1756:"The Floodgates Are Open: Shareholder Activists Intensify Social Media Utilization"
1458:
1192:
436:
432:
250:
129:
1617:
Logsdon, Jeanne M.; Van Buren, Harry J. (2008). "Justice and Large Corporations".
2189:
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1938:
966:
642:
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309:
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246:
113:
1798:
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823:
792:
761:
730:
694:
2342:
1955:
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shareholders created an online petition to protest the MCI/Verizon merger.
1882:
Qwest Withdraws from Bidding – Denver Business Journal / MCIpetition.com
194:
97:
1352:
1305:"Karmic reckoning? Investors in activist hedge funds agitate for change"
854:
528:
1171:"GameStop CFO Was Forced Out as Activist Investor Pushes New Strategy"
863:
419:
to force action by the corporation. Shareholders can also engage in a
892:
812:"Corporate Development Strategy: Thriving in your Business Ecosystem"
1254:"Activist Oasis stands to net ÂŁ40mn profit from Wagamama owner sale"
622:
Reasonable Investor(s), Boston University Law Review, available at:
395:
to receive recommendations on how to vote on shareholder proposals.
128:
from particular countries, etc.). Shareholder activists can address
623:
486:
showed that the mean annual net return of over 40 activist-focused
435:
filing; investors who do not intend to become activists may file a
1003:"Florida SBA Supports Proxy Access and Advisory Firm Transparency"
483:
1854:
1911:
1907:
1535:"Assessing the Merits of an Activist Investor's Point of View"
29:
1223:"Mutual funds start to put their mouth where their money is"
316:
gained international notoriety and were often perceived as "
1877:
Third Point Management's letter to Star Gas CEO, Irik Sevin
1872:
Icahn calls for Time Warner breakup, buyback / CNNMoney.com
1689:
International Development, Community and Environment (IDCE)
1193:"Phil Goldstein: The Bulldog's passion for value investing"
1334:
Hirst, Scott; Bebchuk, Lucian; Cohen, Alma (1 July 2017).
545:
the Interfaith Center on Corporate Responsibility (ICCR)
1903:
Predicting Shareholder Activist Targets, Nordantech.com
1653:"Shareholder Activism: Wir sagen voraus wen es trifft!"
1107:"Review and Analysis of 2018 U.S. Shareholder Activism"
54:
781:"US Corporate Governance: Have We Crossed the Rubicon"
527:
Labor unions, including through pension funds such as
423:
but these are typically not associated with activism.
174:
Some of the recent activist investment funds include:
379:
As of 2020, passive investors such as index funds by
135:
Shareholder activism can take any of several forms:
2371:
2305:
2213:
2167:
2158:
2117:
2084:
2039:
2006:
1954:
1945:
885:Forbes: "Calpers Votes Against Jamie Dimon, Again"
719:"Navigating Today's Shareholder Activism Landscape"
1277:
1169:Trentmann, Nina; Maurer, Mark (24 February 2021).
1893:The Rise of Activist Investing and How to Respond
1144:"The Man Behind Activist Investors' Biggest Bets"
810:Ruggeri, Chris; Kirschner, Ken; Blanchard, Tony.
1787:"Want Change? Shareholders Have a Tool for That"
1336:"The Agency Problems of Institutional Investors"
143:, litigation, and negotiations with management.
351:Examples of activist investors in Asia include
166:Shareholder activists are making their mark on
27:Shareholder using equity to pressure management
1565:"20 Places You Should be Sharing Your Content"
206:corporations contained various provisions for
176:California Public Employees' Retirement System
1923:
1142:Chung, Juliet; Benoit, David (14 July 2017).
508:Any shareholder, including non-institutional
328:In 2019, notable activist investors included
308:During the 1980s, activist investors such as
182:, Santa Monica Partners Opportunity Fund LP,
43:The examples and perspective in this article
8:
2407:Alternative investment management companies
2384:Standards Board for Alternative Investments
1279:"The Activist Investing Annual Review 2019"
843:International Journal of Management Reviews
689:, Palgrave Macmillan US, pp. 231–251,
2432:
2288:Taxation of private equity and hedge funds
2164:
1951:
1930:
1916:
1908:
1454:"Majority Voting for Directors | Insights"
929:Harvard Journal of Law & Public Policy
888:"Calpers Votes Against Jamie Dimon, Again"
1351:
862:
81:Learn how and when to remove this message
184:State Board of Administration of Florida
615:
1736:
1725:
1517:: CS1 maint: archived copy as title (
1510:
1432:
1421:
1080:Carried Interest: "Activist Investors"
1061:, in Frentrop/Jonker/Davis 2009, 11–26
1988:fixed-income relative-value investing
1785:Morgenson, Gretchen (24 March 2017).
1678:
1676:
1674:
1659:from the original on 16 November 2018
1571:from the original on 16 November 2018
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1123:from the original on 29 December 2019
1101:
1099:
1097:
1095:
1075:
1073:
1071:
1069:
1067:
830:from the original on 2 February 2017.
768:from the original on 9 November 2014.
737:from the original on 8 November 2014.
348:had begun to show signs of activism.
120:through changes in corporate policy,
7:
1360:from the original on 6 November 2020
717:Grossman, Richard; Arcano, Stephen.
680:
678:
676:
674:
672:
670:
668:
241:Notable activist investors include:
1391:from the original on 29 August 2019
1252:Barnes, Oliver (October 15, 2023).
963:"ProxyDemocracy | Florida SBA"
449:Proxy statement § Proxy access
1835:from the original on 19 March 2020
1805:from the original on 19 March 2020
1766:from the original on 19 March 2020
1695:from the original on 19 March 2020
1604:10.1111/j.1540-6261.1996.tb05208.x
1553:from the original on 23 July 2015.
1466:from the original on 19 March 2020
1009:from the original on 1 August 2014
960:ProxyDemocracy.org: "FLORIDA SBA"
393:Institutional Shareholder Services
383:as well as non-activist but still
25:
1754:Levick, Richard (25 April 2011).
1499:from the original on 23 June 2015
1150:from the original on 17 July 2020
900:from the original on 4 March 2016
799:from the original on 5 June 2016.
750:"Shareholder Activism in M&A"
653:from the original on 25 June 2019
154:Activism may help to address the
2431:
2422:
2421:
2412:
2411:
2402:
2401:
2108:
1340:Journal of Economic Perspectives
1315:from the original on 7 July 2020
1293:from the original on 9 May 2019.
1233:from the original on 31 May 2019
1203:from the original on 6 July 2018
624:http://ssrn.com/abstract=2579510
472:Delaware General Corporation Law
344:. In 2019, mutual funds such as
34:
687:Origins of Shareholder Advocacy
585:Corporate social responsibility
523:Political and labor involvement
1533:Wood, John; Dysart, Theodore.
643:"Activist Investor Definition"
604:Socially responsible investing
539:Socially responsible investing
466:or shareholder proposals). In
219:Phoenix Securities Corporation
1:
1523:. Retrieved 12 December 2012.
1032:Washington and Lee Law Review
346:Wellington Management Company
2473:Shareholder-rights activists
2262:security characteristic line
1683:Miller, Robin (1 May 2016).
1381:"The Latest on Proxy Access"
935:(1): 289–366. Archived from
2250:Capital asset pricing model
1969:Capital structure arbitrage
1889:(archived 27 December 2013)
1887:Academic Literature Summary
57:, discuss the issue on the
2489:
2052:Commodity trading advisors
446:
410:Offensive versus defensive
124:, etc.) to non-financial (
2397:
2389:Managed Funds Association
2333:High-net-worth individual
2106:
910:. Retrieved 28 June 2013.
188:Relational Investors, LLC
2226:Arbitrage pricing theory
1631:10.1177/0007650308316524
1284:Schulte Roth & Zabel
695:10.1057/9780230116665_11
533:Change to Win Federation
168:mergers and acquisitions
2338:Institutional investors
2231:Assets under management
2056:managed futures account
1385:corpgov.law.harvard.edu
1114:Sullivan & Cromwell
1089:. Retrieved 6 May 2015.
1057:Frentrop, Paul (2009).
1039:. Rochester, NY: 1347.
1019:Retrieved 28 June 2013.
991:Retrieved 28 June 2013.
979:Retrieved 28 June 2013.
531:coalitions such as the
421:securities class action
156:principal-agent problem
141:shareholder resolutions
139:, publicity campaigns,
112:to put pressure on its
2363:Sovereign wealth funds
2135:High-frequency trading
1984:Fixed income arbitrage
1898:A&M Activist Alert
1735:Cite journal requires
1619:Business & Society
1592:The Journal of Finance
1431:Cite journal requires
920:Eric, Finseth (2011).
543:Organizations such as
271:Third Point Management
149:Third Point Management
2205:Structured securities
2021:Distressed securities
1993:Statistical arbitrage
1979:Equity market neutral
1974:Convertible arbitrage
599:Shareholder rebellion
2458:Corporate governance
2323:Financial endowments
2268:Fundamental analysis
2016:Shareholder activism
1998:Volatility arbitrage
1829:Responsible Investor
1539:Transaction Advisors
1085:25 July 2015 at the
816:Transaction Advisors
785:Transaction Advisors
754:Transaction Advisors
723:Transaction Advisors
573:Corporate governance
514:proxy advisory firms
208:corporate governance
94:Shareholder activism
63:create a new article
55:improve this article
45:may not represent a
18:Shareholder activist
2437:List of hedge funds
2427:Hedge fund managers
2343:Insurance companies
2328:Fund of hedge funds
2236:Black–Scholes model
2150:Proprietary trading
2125:Algorithmic trading
2092:Fund of hedge funds
1353:10.1257/jep.31.3.89
1199:. 21 January 2011.
629:20 May 2020 at the
359:Outreach strategies
180:Icahn Management LP
2293:Technical analysis
1831:. 7 January 2020.
1791:The New York Times
855:10.1111/ijmr.12157
568:Board of directors
504:Retail involvement
464:board of directors
293:(EnTrust Global),
2445:
2444:
2301:
2300:
2104:
2103:
2071:Long/short equity
2047:Convergence trade
2031:Special situation
1229:. 15 March 2019.
704:978-1-349-29072-7
468:cumulative voting
385:active management
338:Elliot Management
334:Icahn Enterprises
322:Phillip Goldstein
318:corporate raiders
237:Notable investors
118:shareholder value
91:
90:
83:
65:, as appropriate.
16:(Redirected from
2480:
2463:Activism by type
2435:
2434:
2425:
2424:
2415:
2414:
2405:
2404:
2348:Investment banks
2195:Foreign exchange
2165:
2112:
1952:
1932:
1925:
1918:
1909:
1859:
1858:
1851:
1845:
1844:
1842:
1840:
1821:
1815:
1814:
1812:
1810:
1782:
1776:
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1745:
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1738:
1733:
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1723:
1711:
1705:
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1700:
1680:
1669:
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1664:
1649:
1643:
1642:
1614:
1608:
1607:
1587:
1581:
1580:
1578:
1576:
1567:. 14 June 2018.
1561:
1555:
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1530:
1524:
1522:
1516:
1508:
1506:
1504:
1498:
1491:
1482:
1476:
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1471:
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1441:
1440:
1434:
1429:
1427:
1419:
1407:
1401:
1400:
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1396:
1376:
1370:
1369:
1367:
1365:
1355:
1331:
1325:
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1322:
1320:
1311:. 30 July 2019.
1301:
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1219:
1213:
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1208:
1189:
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1139:
1133:
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1128:
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1111:
1103:
1090:
1077:
1062:
1055:
1049:
1048:
1026:
1020:
1018:
1016:
1014:
998:
992:
986:
980:
978:
976:
974:
965:. Archived from
958:
952:
951:
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941:
926:
917:
911:
909:
907:
905:
883:
877:
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866:
838:
832:
831:
807:
801:
800:
776:
770:
769:
745:
739:
738:
714:
708:
707:
682:
663:
662:
660:
658:
647:Carried Interest
639:
633:
620:
510:retail investors
484:Activist Insight
353:Oasis Management
314:T. Boone Pickens
295:Christer Gardell
275:Barry Rosenstein
86:
79:
75:
72:
66:
38:
37:
30:
21:
2488:
2487:
2483:
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2481:
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2393:
2379:Fund governance
2367:
2297:
2221:Absolute return
2209:
2160:
2154:
2145:Program trading
2140:Prime brokerage
2113:
2100:
2080:
2076:Trend following
2061:Dedicated short
2035:
2002:
1959:
1947:
1941:
1936:
1868:
1866:Further reading
1863:
1862:
1855:"Proxy Preview"
1853:
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1611:
1589:
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1532:
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1500:
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391:firms such as
389:proxy advisory
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375:Proxy advisory
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291:Gregg Hymowitz
255:Trian Partners
243:Isaac Le Maire
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122:cost cutting
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102:shareholders
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2417:Hedge funds
2180:Derivatives
2175:Commodities
2130:Day trading
2040:Directional
1939:Hedge funds
1663:15 November
1598:: 227–252.
1575:15 November
1503:12 December
1237:7 September
1127:28 February
488:hedge funds
478:Performance
342:Third Point
267:Daniel Loeb
259:Bill Ackman
186:(SBA), and
178:(CalPERS),
145:Daniel Loeb
110:corporation
2452:Categories
2372:Governance
1946:Investment
1364:5 November
1263:2024-01-21
1258:www.ft.com
864:1826/12686
610:References
549:As You Sow
367:Statistics
310:Carl Icahn
303:Ryan Cohen
247:Carl Icahn
147:, head of
114:management
2306:Investors
1956:Arbitrage
1799:0362-4331
1639:153607878
1547:2329-9134
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100:in which
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1948:strategy
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1833:Archived
1809:19 March
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1693:Archived
1657:Archived
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651:Archived
627:Archived
562:See also
495:Research
381:Vanguard
283:Glenview
195:MCI Inc.
98:activism
53:You may
2168:Markets
2159:Related
2118:Trading
1720:2972838
1416:2719849
1309:Reuters
1227:Reuters
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1013:28 June
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657:17 July
529:CalPERS
399:Funding
301:), and
201:History
2240:Greeks
2185:Equity
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