This survey examines the vibrant academic literature on environmental, social, and
governance (ESG) investing. While there is no consensus on the exact list of ESG issues …

This paper reviews the theoretical and empirical literature on the role of blockholders (large
shareholders) in corporate governance. We start with the underlying property rights of public …

This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by
activists improve their innovation efficiency over the five-year period following hedge fund …

The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

We analyze whether the growing importance of passive investors has influenced the
campaigns, tactics, and successes of activists. We find activists are more likely to seek board …

An important milestone often reached in the life of an activist engagement is entering into a
“settlement” agreement between the activist and the target's board. Using a comprehensive …

Inspired by research on social movements, we extend the idea that activists look for
opportunities to target firms to the realm of financially motivated shareholder activists …

Using a large dataset of hand-collected information on activist interventions from 2008 to
2014, we examine why certain hedge funds succeed in the face of competition. We …

We provide a comprehensive overview of the role of institutional investors in corporate
governance with three main components. First, we establish new stylized facts documenting …

Hedge fund activism refers to the phenomenon where hedge fund investors acquire a strict
minority block of shares in a target firm and then attempt to pressure management for …