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The message of the Dow/DuPont merger and split up is simple: No firm is today “too big to target.” Activists can see the transaction as evidence that, even in the rare case where they lose a proxy fight (as they did at DuPont last year in a squeaker), the handwriting is still on the wall, and th... 
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Si les actionnaires pouvaient s’exprimer directement sur les programmes de rémunération, les conseils d’administration seraient-ils plus judicieux, plus modérés en matière de rémunération des dirigeants, plus à l’écoute des avis des investisseurs institutionnels. De prime abord, cela semble raisonnable, voire indéniable.
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Activist hedge funds can count on a number of supporters in academia and in the media rising up in defense of their actions.
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First, there have been two important studies by prominent economists and law professors, each of which points out serious flaws in the so-called empirical evidence used to justify short-termism, attacks by activist hedge funds and shareholder-centric corporate governance: Yvan Allaire and Francois Dauphin, The Game of ‘Activist’ Hedge Funds: Cui bono?,
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Yvan Allaire et François Dauphin affirment avoir exploré les effets de l’activisme au fil du temps, en les comparant à l’évolution d’un échantillon aléatoire de sociétés ouvertes qui avaient des caractéristiques semblables au moment d’interventions activistes en 2010-2011.
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The Wall Street Journal analyzed what happened at large U.S. companies that were targeted by activist investors. Click on individual company names or sort by column headers. Activist Investors: Helping or Hindering?
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Shareholders who want to put forward candidates for board membership have to have significant skin in the game and for a certain period of time, argues Yvan Allaire, otherwise it's like granting...
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From
www
Activism, Short-Termism, and the SEC: Remarks at the 21st Annual Stanford Directors’ College by Commissioner Daniel M. Gallagher at the 21st Annual Stanford Directors' College, Stanford, CA, June 23, 2015
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On a topic requiring sober, balanced coverage, The Economist conjures up an empirical 'study' to produce misleading data
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A subset of so-called hedge funds, henceforth known as “activists”, has latched on the idea that many corporations are not managed or governed in a manner likely to maximize value for shareholders. With the capital they have obtained from pension funds and other institutional investors, they take a small position in the equity of publicly traded companies which, in the view of these “activists”, have not taken all appropriate measures to raise the price of their shares.
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From
igopp
Les fonds de couverture («hedge funds»), dits activistes, sont présentés, ou se présentent eux-mêmes, comme les défenseurs des actionnaires maltraités par des conseils d’administration complaisants et des dirigeants d’entreprise incompétents ou avides de gain personnel au détriment des actionnaires.
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Leaders don’t have to think of activist investors as the enemy. In this exclusive look at McKinsey’s internal video series, global managing director Dominic Barton and principal Tim Koller discuss what activism means for CEOs. A McKinsey & Company article.
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While slow to follow the US lead, international markets are taking notice
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Over the last few years, hedge fund activism has received a great deal of coverage in financial media (and in the mainstream press), has triggered heated debates and been the focus of much academic research.
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Au cours des dernières années, les médias financiers (tout comme la presse grand public) ont souvent abordé l’activisme des fonds de couverture, sujet qui a donné lieu à des débats houleux et a fait l’objet de bon nombre de travaux de recherche universitaire. S’ils sont les sauveurs du capitalisme pour certains, pour d’autres, les fonds de couverture activistes ne sont que des marchands de tactiques à court terme qui nuisent en définitive aux sociétés par actions (1).
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Recently, there have been three important studies by prominent economists and law professors, each of which points out serious flaws in the so-called empirical evidence being put forth to justify short-termism, attacks by activist hedge funds and shareholder-centric corporate governance.
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Par l'intermédiaire d'Yvan Allaire, l'IGOPP vient de publier une étude sur les conséquences des investisseurs actvistes sur les conseils d'administration. Alors que ces relations font la manchette ...
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Activist investing is a business that polarizes supporters and detractors, and produces some unusual alliances.
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Les investisseurs activistes menacent la santé des sociétés ouvertes, affirme Yvan Allaire, dans une réplique au magazine The Economist qui a été publiée dans la section commentaires du journal Financial Post.
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Editor's Note: Holly J. Gregory is a partner and co-global coordinator of the Corporate Governance and Executive Compensation group at Sidley Austin LLP. The following post is based on a Sidley upd...
Institut sur la gouvernance (IGOPP)'s curator insight,
February 2, 2015 8:56 AM
Citation Yvan Allaire et Francois Dauphin - IGOPP
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Editor's Note: Martin Lipton is a founding partner of Wachtell, Lipton, Rosen & Katz, specializing in mergers and acquisitions and matters affecting corporate policy and strategy. This post is ...
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