I examine the treatment of minority shareholders and shareholder activism following Olivetti's successful hostile acquisition of a majority stake in Telecom Italia in 1999. Overall, the evidence is mixed. While Olivetti pursued several operations perceived to be detrimental to Telecom Italia's...

Purpose – This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the...

This study analyzes factors that potentially are associated with higher incidences of asset sales by poorly performing firms. Consistent with Shleifer and Vishny’s (1992) asset liquidity model, I find that firms are more likely to sell assets if their industry’s growth rate is higher. The...