Bajzik, Josef; Havranek, Tomas; Irsova, Zuzana; Novak, Jiri - 2023
We conduct a meta-analysis of 1,973 estimates of stock price responses to shareholder activism reported in 67 primary studies. We document publication bias in the literature. Corrected activism effects range from 0% to 1.5%. Effects are stronger when shareholder rights are better protected and...