We summarize and synthesize the results from 73 studies that examine the consequences of
shareholder activism for targeted firms, and draw two primary conclusions. First, activism that …

There are growing concerns about the adverse effects that corporations impose on
stakeholders. By stakeholders we refer throughout this Article to all non-shareholder …

Using a sample of 394 French firms for the period of 2001 to 2010, we study the relationship
between female directorship and firms' accounting (ROA and ROE) and market-based …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …

We document the economywide extent of misconduct among financial advisers and the
associated labor market consequences. Seven percent of advisers have misconduct …

We analyze whether the growing importance of passive investors has influenced the
campaigns, tactics, and successes of activists. We find activists are more likely to seek board …

Proxy advisory firms have become important players in corporate governance, but the extent
of their influence over shareholder votes is debated. We estimate the effect of Institutional …

This study examines the voting behavior of independent directors of public companies in
China from 2004–2012. The unique data at the individual-director level overcome …

We argue and demonstrate empirically that a firm's institutional and legal context has first‐
order effects in tests that use state antitakeover laws for identification. A priori, the size and …

This paper provides evidence on the incidence, characteristics, and performance of activist
engagements across countries. We find that the incidence of activism is greatest with high …