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SUMMARY:Online seminar – Value creation in shareholder activism - Enriqu
 e Schroth\, Professor of Finance\, EDHEC Business School
DTSTART:20211130T130000Z
DTEND:20211130T141500Z
UID:TALK166171@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We measure value creation by activist investors via structural
  estimation of a model of the choice between passive investment and activi
 sm. Our estimates imply that average returns following activist intent ann
 ouncements consist of 74.8% expected value creation\, or treatment\, 13.4%
  stock picking\, and 11.8% sample selection effects. Higher treatment valu
 es predict improvements in firm performance and lower proxy contest probab
 ilities\, whereas abnormal announcements returns do not\, suggesting that 
 our estimate identifies more effective activism campaigns. The evidence de
 monstrates the importance of using the joint distribution of investment st
 rategies and announcement returns to recover the expected returns and cost
 s of activism.
LOCATION:via zoom 
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