The third chapter investigates information free riding around hedge fund activism. Market participants download activist announcement of hedge funds about 23% more often than filings of other types of activist investors. They also review other target firms' filings around hedge fund activism....

We consider a two-player advertising race subject to momentum. Momentum is modelled as a complementarity between current and past campaign spending in a way that is reminiscent of models of addiction and habit formation: the more effective a player's past spending has been, the more effective...