This paper investigate the effects of investor protection on hedge fund activism. Using a parsimonious measure of investor protection constructed from fund organizational characteristics, we document that higher investor protection is strongly correlated with superior performance of activists....

We consider a firm's competitiveness based on the manner by which other firms mention it on their 10-K filings. Using all public firm filings simultaneously, we implement a PageRank-type algorithm to produce a dynamic measure of firm competitiveness, denoted C-Rank. A high-minus-low C-Rank...