Barbara A. Bliss et al., Negative Activism, 97 Washington University Law Review (forthcoming)

  • Barbara A. Bliss et al., Negative Activism, 97 Washington University Law Review (forthcoming)

Shareholder activism has become one of the most important and widely studied topics in law and finance. To date, popular and academic accounts have focused on what we call “positive activism,” where activists seek to profit from positive changes in the share prices of targeted firms. In this Article, we undertake the first comprehensive study of positive activism’s mirror image, which we term “negative activism.” Whereas positive activists focus on increasing share prices, negative activists take short positions to profit from decreasing share prices.

via Harvard

大量保有報告に関する米国での法案について

Wachtell Lipton Rosen & Katzのメモランダム元にしたポストでは,次のように述べられています。

The proposed amendments would include shortening the filing window applicable to the acquisition of a 5% stake in an equity security from ten days to two business days and requiring the public reporting of significant “short” positions. The legislation would also broaden the scope of the rules by recognizing that possession of a pecuniary interest in a security constitutes beneficial ownership, and by specifically targeting the covert collusion of activist “wolf packs.”

現在,この法案が通る確率は,2%らしいです。

via HLS Corporate Govenance & Financial Regulation, Business Insider, Forbes, GovTrack.us, Senator Baldwin, Bill Text

ヘッジファンドが任命する取締役の影響

In a recent paper titled “The Long-term Efficacy of Activist Directors”, I find statistically meaningful empirical evidence to suggest that hedge fund activism generates substantial long-term value for target companies and its long-term shareholders when they function as a “shareholder advocate” to provide oversight of management through active board engagement.

via CLS Blue Sky Blog

Third Avenue Blocks Redemptions From Credit Fund Amid Losses

Martin Whitman’s Third Avenue Management put some of the assets in the Third Avenue Focused Credit Fund in a liquidating trust that will seek to sell them over time, the New York-based firm said in a statement on its website dated Dec. 9.

… Last week, Meridee Moore told clients she was returning money in her $1 billion hedge-fund firm Watershed Asset Management, citing the difficulty finding good investments in distressed companies.

via Bloomberg, 日経

ヘッジファンドとインサイダー取引

ニューヨーク大学のロースクールにおけるヘッジファンドとインサイダー取引に関する議論です。

司会およびパネリストは次の通りです。