1-800-526-8630
"An intelligent, well–researched, and very useful book. Experts and laymen alike will find it eye–opening."
JEFFREY H. BIRNBAUM, The Washington Post
"Love them or hate them, activist hedge funds are having a significant impact on the American and global corporate economies. Ron Orol′s detailed and thoughtful book is required reading for anybody who wants to understand what these funds are, how they work, and the various good and bad effects they can have on corporate performance."
LAWRENCE E. MITCHELL, Theodore Rinehart Professor of Business Law at George Washington University, author of The Speculation Economy
"Provides breadth, insight, and a worldwide perspective on one of our most dramatic capital market developments the rise of the activist hedge fund. The book is essential reading for those who want to understand the current economic scene."
HARVEY J. GOLDSCHMID, Dwight Professor of Law at Columbia Law School, former SEC Commissioner (2002–05)
"Ron Orol′s deep network of contacts and his insight into shareholder activism make this book a must for anyone seeking to understand these enfants terribles of the capital markets."
BOYD ERMAN, Capital Markets Reporter, The Globe and Mail
"A fascinating read on the David and Goliath interaction between a small group of activist investors and corporations of all sizes worldwide. Orol spares no details as he unlocks the secrets of how activist shareholders create dramatic change in today′s global investment marketplace."
JAMES G. TOMPKINS, PhD, Director of Board Advisory Services, Corporate Governance Center,Kennesaw State University
Preface ix
Acknowledgments xvii
Introduction xxi
Part One: From Raiders to Activists and Everything in Between 1
Chapter 1: Growth of Activism and Why Corporate Raiders Aren t Around Anymore 3
Chapter 2: Nuts and Bolts: How Activists Became Who They Are Today 25
Chapter 3: The Pack: How Activists Are Working Together (But Not Offi cially) 53
Chapter 4: How Activists Use Litigation to Pursue Their Agenda 75
Chapter 5: Why Activists Target Certain Corporations and Leave Others Alone 89
Chapter 6: Overperked and Overpaid: The Impact of Activists on Executive Compensation 103
Chapter 7: Hedge Specialization: Good or Bad? 117
Chapter 8: Regulation and Activists: How the Securities and Exchange Commission Helps (or Hurts) Activists 135
Part Two: Institutional Investors and Activists 155
Chapter 9: Institutional Investors on Activist Hedge Funds: Love′em or Hate′em? 157
Chapter 10: Activists Taking on Large Corporations Must Have Institutional Support 163
Chapter 11: Institutions and Activist Hedge Funds: Breaking Up Deals Together Around the World 173
Chapter 12: Just Vote No and No and No Again 181
Chapter 13: Institutions Changing Corporate Bylaws so Activist Hedge Funds Can Get Down to Business 191
Chapter 14: Can t Be Them? Then Fund Them 201
Chapter 15: Institutions Behaving Like Activist Hedge Fund Managers 209
Part Three: Activism 2.0 217
Chapter 16: Technology, Communications, and Activists: Gary Lutin, Eric Jackson, and Anne Faulk 219
Chapter 17: When Is an Activist Fund Really a Private Equity Fund, and What s the Difference? 231
Chapter 18: Funds of Hedge Funds Stake Out Activists 247
Chapter 19: Distressed Investing: How Activist Managers Buy Debt and Provoke Companies 263
Chapter 20: Hedge Activists in Western Europe, Asia, and Canada 271
Chapter 21: East Meets West: Hedge Activism Goes Global to Emerging Markets 299
Chapter 22: Value Investing versus Activism: Which One Is Better? 319
Conclusion: Saturation or No Saturation? 333
Notes 339
About the Author 361
Index 363
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