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If you're an investor that wants to turn around an underperforming portfolio company, then TAI is for you.
Management listens to The Activist Investor.

Last summer, and again last autumn, we identified for you some interesting and useful scholarly work on this subject, in our annotated bibliography, with comments on our blog. The bibliography has links to the published or working papers (fee for published papers, sorry). The major papers report excess equity returns ranging from 7% to almost 22%.

Since our last update, many new papers have appeared. Three newer ones merit a review.

Two studies address the cost of activist investing, specifically the effectiveness of shareholder resolutions, which don't require an expensive proxy solicitation process:

This work adds nicely to our analysis of low-cost activism, which we set forth in "Effective Activism, on the Cheap".


A third paper tackles the very interesting subject of what distinguishes effective activist investors. In a comprehensive analysis of the attributes of different types of activist investors, Nicole M. Boyson and Robert M. Mooradian conclude that more frequent activists do better than less frequent ones.


We've added these to the bibliography, with links to these and the previous papers.
You can find other useful resources at the TAI website, including our research on "Effective Activism, on the Cheap", the new guide to proxy access, bibliography of academic research on the returns to activist investing, and our white paper with the basics on activism.
For further information, or to discuss a specific turnaround situation, please contact:
Michael R. Levin