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Using a parsimonious measure of investor protection constructed from fund organizational characteristics, this paper documents that companies targeted by activists with better investor protection structures outperform those targeted by poor-investor-protection activists by roughly 10% per year....
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equilibrium for market outcomes and discuss its connection with the prominent phenomenon of "wolf-pack" activism-multiple hedge …
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This paper argues that the key mechanisms protecting retail investors' financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors' interests. Rather, they are provided by the...
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