IDEAS/RePEc search

Found 3 results for '"Returns to Shareholder Activism Evidence from a Clinical Study of the Hermes UK Focus Fund"', showing 1-3
IDEAS search now includes synonyms. If you feel that some synonyms are missing, you are welcome to suggest them for inclusion

1. Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi (2010): Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

   ---

   This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information. The fund substantially outperforms benchmarks and we estimate that abnormal returns are largely associated with engagements rather than stock picking. ... Published by Oxford University Press on behalf of The Society for Financial Studies.
   RePEc:oup:rfinst:v:23:y:2010:i:3:p:3093-3129  Save to MyIDEAS
2. Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi (2010): Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

   ---

   Focus Fund (HUKFF). In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information. ... We categorize the engagements and measure their impact on the returns of target companies and the fund. We find that Hermes frequently seeks and achieves significant changes in the company's strategy including refocusing on the core business and returning cash to shareholders, and changes in the executive management including the replacement of the CEO or chairmen.<br><small>(This abstract was borrowed from another version of this item.)
   RePEc:nbr:nberch:12191  Save to MyIDEAS
3. Marco Becht & Julian Franks & Colin Mayer & Stefano Rossi (2009): Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund

   ---

   This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information. The fund substantially outperforms benchmarks and we estimate that abnormal returns are largely associated with engagements rather than stock picking. ... Published by Oxford University Press on behalf of The Society for Financial Studies.
   RePEc:oup:rfinst:v:22:y:2009:i:8:p:3093-3129  Save to MyIDEAS