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:
|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.|