Academic literature on the topic 'Activist Funds'

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Journal articles on the topic "Activist Funds"

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Diamond, Stephen F. "Exercising the ‘governance option’: labour’s new push to reshape financial capitalism." Cambridge Journal of Economics 43, no. 4 (May 20, 2019): 891–916. http://dx.doi.org/10.1093/cje/bez016.

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Abstract New forms of stockholder activism call into question longstanding assumptions underpinning our system of corporate governance. Scholarship has largely failed to explain the basis for these new forms and, in particular, the differences among activists. Activists are not one undifferentiated mass. Both small activist hedge funds and large union-sponsored or -influenced pension funds use governance mechanisms to influence corporate behaviour. Pension funds, however, have a different set of incentives than hedge funds. The beneficiaries of these funds cannot easily switch between consumption and investment by buying or selling their holdings in firms. Thus, instead, institutional investors exercise an embedded ‘governance option’ found within shares of common stock to engage with firms. Organised labour, in particular, now uses its influence in pension funds to motivate progressive change by corporations. This form of activism has the potential to alter the balance of power between workers and capitalists in the era of financial capitalism.
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Cherkes, Martin, Jacob S. Sagi, and Z. Jay Wang. "Managed Distribution Policies in Closed-End Funds and Shareholder Activism." Journal of Financial and Quantitative Analysis 49, no. 5-6 (December 2014): 1311–37. http://dx.doi.org/10.1017/s0022109014000544.

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AbstractIn closed-end funds, a managed distribution policy (MDP) is a dividend commitment potentially requiring the liquidation of assets. We argue that MDPs lower managerial claims on fund assets and, when the fund is at a discount, increase shareholder value. This transfer of wealth can be rationalized by managers wishing to deter a challenge from activist shareholders through a costly proxy vote. We find strong empirical evidence that managers respond to the presence of activists using MDPs, that MDPs constitute an effective wealth transfer to shareholders, and that activists are less likely to challenge management when an MDP is in place.
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Lim, Jongha. "The Role of Activist Hedge Funds in Financially Distressed Firms." Journal of Financial and Quantitative Analysis 50, no. 6 (December 2015): 1321–51. http://dx.doi.org/10.1017/s0022109015000435.

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AbstractIn this paper I investigate the role of activist hedge funds in the restructuring of a sample of 469 firms that attempted to resolve distress either out of court, in conventional Chapter 11, or via prepackaged restructuring. Activist hedge funds strategically gain a position of influence in the restructuring of economically viable firms with contracting problems that prevent efficient restructuring without outside intervention. I find that hedge fund involvement is associated with a higher probability of completing prepackaged restructurings, faster restructurings, and greater debt reduction. Overall, the evidence in this article suggests that activist hedge funds can create value by enabling more efficient contracting.
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Carrothers, Andrew. "The impact of hedge fund activism on target firm performance, executive compensation and executive wealth." Journal of Governance and Regulation 6, no. 3 (2017): 14–28. http://dx.doi.org/10.22495/jgr_v6_i3_p2.

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This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC) filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm executives’ wealth is more sensitive to changes in share price after hedge fund activism events suggesting that the executive team experiences changes to their compensation structure that provides incentive to take action to improve returns to shareholders. The top executives reap rewards for increasing firm value but not for increased risk taking.
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Chen, Jing, and Michael J. Jung. "Activist hedge funds and firm disclosure." Review of Financial Economics 29 (April 2016): 52–63. http://dx.doi.org/10.1016/j.rfe.2015.09.004.

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Francis, Bill B., Iftekhar Hasan, Yinjie (Victor) Shen, and Qiang Wu. "Do activist hedge funds target female CEOs? The role of CEO gender in hedge fund activism." Journal of Financial Economics 141, no. 1 (July 2021): 372–93. http://dx.doi.org/10.1016/j.jfineco.2020.07.019.

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Lenkey, Stephen L. "Activist Arbitrage, Lifeboats, and Closed-End Funds*." Review of Finance 18, no. 1 (February 14, 2013): 271–320. http://dx.doi.org/10.1093/rof/rfs052.

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Mietzner, Mark, Dirk Schiereck, and Denis Schweizer. "The role of sovereign wealth funds as activist or passive fund managers." Journal of Asset Management 16, no. 5 (June 18, 2015): 303–15. http://dx.doi.org/10.1057/jam.2015.16.

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Allaire, Yvan, and François Dauphin. "The game of ‘activist’ hedge funds: Cui bono?" International Journal of Disclosure and Governance 13, no. 4 (November 2016): 279–308. http://dx.doi.org/10.1057/jdg.2015.18.

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Appel, Ian R., Todd A. Gormley, and Donald B. Keim. "Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism." Review of Financial Studies 32, no. 7 (September 22, 2018): 2720–74. http://dx.doi.org/10.1093/rfs/hhy106.

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Abstract 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 representation when a larger share of the target company’s stock is held by passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of proxy fights, settlements, and a higher likelihood the activist achieves board representation or the sale of the targeted company. Our findings suggest that the recent growth of passive institutional investors mitigates free-rider problems and facilitates activists’ ability to engage in costly, value-enhancing forms of monitoring. Received September 28, 2016; editorial decision August 18, 2018 by Editor Andrew Karolyi.
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Dissertations / Theses on the topic "Activist Funds"

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Brecailo, Helizander (Helizander de Oliveira). "Activist hedge funds." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/44443.

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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2008.
Includes bibliographical references.
Hedge funds have played a significant role in shareholder activism in the U.S. They have appeared quite frequently in the media as the driving force behind changes in firms' management that generate higher returns on their investments. Nonetheless, many wonder whether they really bring long-term value and benefits to firms, stakeholders, or financial markets, or whether hedge funds net returns for their investments only. The purpose of this thesis, which is written as a case study based solely on public information, is to discuss the attributes of activist hedge funds and how they differ from corporate raiders and private equity firms. The case study then maps activists' most common mechanisms for accomplishing their goals. Finally, the restaurant industry-in particular, Wendy's International Inc., which has been highly targeted by activists-offers a platform for studying the outcomes of activists' maneuvers.
by Helizander Brecailo.
M.B.A.
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Wahlström, Johan, and Christian Karlsson. "Activist Funds' impact on Blue Chip Companies in Sweden : Analysing the implications on capital structure, valuation and credit rating." Thesis, Jönköping University, JIBS, Accounting and Finance, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-921.

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Bakgrund: De svenska börsbolagen gör större vinster än någonsin tidigare, men har fått stor kritik för att vara för långsamma i sin vinstallokering. Företag med överkapitaliserade balansräkningar utan investeringsbehov är potentiella måltavlor för riskkapitalisternas affärsidé om finansiell effektivisering och en aggressivare kapitalstruktur. Debatten i media har skapat kritik kring dessa så kallade kortsiktiga och giriga bolagsplundrare som påstås förstöra finansiella värden och kreditvärdigheten i företagen. I tidigare fall har marknaden svarat positivt på riskkapitalisternas investeringar, något som har reflekterats i ett kraftigt ökande aktiepris. Skeptiker hävdar dock att spekulationer är anledningen till att marknadsvärdet drivs upp, inte fundamentala aspekter.

Syfte: Syftet med denna magisteruppsats är att fastställa en bild av fenomenet riskkapital och hur dess aktiva ägande inverkar på svenska börsbolags kreditbetyg, kapitalstruktur och värdering.

Metod: För att uppnå syftet med vår magisteruppsats har en kvalitativ ansats till-lämpats baserad på tre börsbolag där riskkapitalisters aktiva ägande spelat en betydande roll. Det empiriska materialet har insamlats genom personliga intervjuer med aktie- och kreditanalytiker, och studien förlitar sig även på markandsdata, artiklar och nyhetssändningar i media, samt respektive bolags kvartals- och årsrapporter.

Slutsats: Studien har gjorts over den tidsperiod som varit riskkapitalisternas inve-steringshorisont – explicit och implicit. Genom att analysera det aktiva ägarskapet i tre svenska börsbolag kan slutsatsen dras att det inverkat positivt i form av högre prestanda och marknadsvärdering. De finansiella förändringarna har, till skillnad från kritiken, styrkt kreditbetyget i fallen Lindex och Volvo. En analys av Skandia/Old Mutual visade dock en marginellt ökad kreditrisk. Slutsatsen visar härmed att riskkapitalisternas inverkan på svenska börsbolag är värdeförädlande utan att äventyra den finansiella statusen.


Background: The Swedish blue chip companies are performing better than ever, but have been strongly criticised for being too slow in their excess fund allocation. Companies with overcapitalised balance sheets and no investment needs are potential targets for activist funds’ business idea of more aggressive capital structures and financial restructuring. In media, this debate has raised criticism against these so called short-sighted, greedy asset-strippers that destroy company values and increase the companies’ risk of default. In prior cases where activist funds have taken actions, the market has responded positively through increasing the share price. However, sceptics argue that the higher share price is merely a response to a speculative reaction with no fundamental argument supporting the upgrade in market capitalisation.

Purpose: The purpose of this thesis is to establish a view of the phenomenon of activist funds and their impact on blue chip companies’, listed on the Stockholm Stock Exchange, credit rating, capital structure and valuation.

Method: To fulfil the purpose of our master thesis, a qualitative approach has been applied based on three cases involving the activities of activist funds. The empirical findings have been retrieved via personal communications with stock- and credit analysts, and the study also relies on articles and news coverage from media, stock market data and annual reports from each of the chosen companies respectively.

Conclusion: The study has regarded the period of time which has been the investment horizon of the activist funds – explicitly and implicitly. Analysing their active ownership, the conclusion can be drawn that these activist funds have clearly had a positive impact on each of the blue chip companies’ performance and intrinsic value respectively. The financial restructuring has - contrarily to the criticism – strengthened the credit ratings in the cases of Lindex and Volvo. In the Skandia/Old Mutual-case, a marginally higher default risk was detected. Thus, the study has concluded that activist funds indeed add significant shareholder value without jeopardising the companies’ financial statuses.

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Solak, Ekrem. "Evolving role of shareholders and the future of director primacy theory." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31353.

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Over the last two decades, US corporate governance has witnessed a significant increase in the incidence and influence of shareholder activism. Shareholder activism, however, has been found to be inconsistent with US corporate governance which is framed within director primacy theory. In this theory, the board is able to carry out a unique combination of managerial and monitoring roles effectively, and shareholders are only capital providers to companies. Shareholder activism is normatively found inimical to effective and efficient decision-making, i.e. the board's authority, and to the long-term interests of public companies. The increasing willingness of institutional shareholders to participate into the decision-making processes of their portfolio companies is at odds with US corporate governance. Therefore, the aim of this thesis is to examine whether director primacy theory should be softened to accommodate greater shareholder activism in US corporate governance. This thesis presents an analysis of the legal rules that reflect director primacy theory. In this respect, US shareholders have traditionally had limited participatory power. The way in which the courts perceived the board's authority also stymied shareholder participation. This thesis considers not only legal and regulatory developments in the wake of the 2007-2008 financial crisis, but also the governance developments through by-law amendments which could potentially make an overall change in the balance of power between shareholders and the board. Shareholders are slowly moving to the centre of corporate governance in the US. History has shown that the board of directors often failed to prevent manager-induced corporate governance failures. This thesis argues that shareholder activism is necessary for improving the web of monitoring mechanisms and for a well-functioning director primacy model. Shareholder activism forces the board to more critical about management, which is a prerequisite for the director primacy model. Therefore, this thesis argues that shareholder activism should therefore be accommodated into US corporate governance. The proposed approach addresses accountability problems more effectively than the current director primacy model while recognising the board authority and enhances decision-making processes of public companies. In this regard, it makes several recommendations to soften the current director primacy model: establishing a level playing for private ordering, adopting the proxy access default regime, the majority voting rule, the universal proxy rules, and enhancing the disclosure requirements of shareholders. The present research also demonstrates that contemporary shareholder activism involves many complexities. It contains different types of shareholder activism, which differ by objectives, tools, and motives. It could be used for purely financial purposes or non-financial purposes or both. Furthermore, the concept of stewardship has been developed to address public interest concerns, namely short-termism in the market and pressures by activist funds through shareholder activism. In this way, this thesis develops a complete positive theory about shareholder activism rather than focussing on a specific type of activism. This complete analytical framework constitutes more reliable basis to draw normative conclusions rather than focussing on a particular type of activism.
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Duarte, Soraia de Oliveira. "Governança corporativa, mercado de capitais e desenvolvimento econômico: estudo de casos dos fundos de pensão e previdência do Brasil, Chile e México." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/84/84131/tde-09102012-102737/.

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A população mundial, em 2050, será formada por 9,3 bilhões de habitantes, número 33% superior ao atual, de 7,0 bilhões de pessoas. Essa expansão se refletirá, em grande parte, na população com mais de 65 anos. A ONU estima que, em países como Brasil e Chile, 26% dos habitantes estarão nessa faixa etária na metade deste século, um crescimento relevante em comparação com as médias atuais, de 11%. Além de serem em maior número, os idosos também contarão com maiores expectativas de vida. Atualmente, vivem, em média, 74 anos. Até 2050, estima a ONU, chegarão a 80 anos. Frente a esse panorama, garantir a aposentadoria à população é um desafio crescente para as economias, que já se movimentam no sentido de viabilizar, aos fundos de pensão e de previdência, mecanismos que maximizem os retornos de seus portfólios. Os investimentos em ações de companhias abertas, nesse contexto, ganham um espaço cada vez maior nas estratégias dos gestores dos fundos, mudança que acontece ao mesmo tempo em que a governança corporativa passa a ser vista como um instrumento para a valorização das companhias abertas e, consequentemente, para o desenvolvimento dos mercados de capitais. Considerando esse contexto, esta dissertação se propõe a analisar como a governança corporativa influencia a tomada de decisão de investimento dos gestores de fundos de pensão e de previdência do Brasil, do Chile e do México. O estudo será feito a partir da observação do marco regulatório sobre o tema nesses três países, e se embasará nas respostas dadas, pelos gestores, a questionário sobre as boas práticas de governança corporativa, adotadas pelas companhias abertas, que são observadas e valorizadas na escolha dos investimentos.
In 2050, 9.3 billion inhabitants, a 33% rise in comparison to the current figure of 7.0 billion people, will form the world population. In most part, this expansion will be reflected in the population older than 65 years. The UN estimates that in countries such as Brazil and Chile, 26% of the inhabitants will be in this age group in the half of this century, a relevant growth in comparison with todays average of 11%. In addition to the increase in figures, the elderly people will also count on a longer life expectancy. Currently they live, in average, 74 years. Until 2050, the UN estimates that they will reach 80 years of age. Given this scenario, to guarantee retirement for the whole population is a growing challenge for the economies, which are already seeking mechanisms to maximize returns to pension and social security funds. In this context, investment in equity is gaining more and more emphasis from funds portfolio managers. This change takes place at the same time that corporate governance starts to be seen as an instrument for the appreciation of public companies and, consequently, for the development of stock markets. In this sense, this paper aims at reviewing how corporate governance influences the decision-making process for pension plans and social security portfolio managers in Brazil, Chile and Mexico. The study will be based on the observation of the legal framework around the theme in the three countries and on answers given by managers in a questionnaire on corporate governance best practices, adopted by public companies and that are considered and taken into account in the choice of investments.
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Rodrigues, Marco Antônio. "Pension funds asset allocation : an international analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19359.

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Mestrado em Economia Monetária e Financeira
Esta dissertação sugere novas ideias na questão essencial sobre alocação de ativos de fundos de pensão e sua consistência com as premissas fundamentais da teoria econômica. A pesquisa consiste em uma confirmação empírica através de cálculos de regressão linear, em que a taxa de retorno do investimento foi estabelecida como variável central e dependente das variáveis indicativas de alocação de ativos em ações e alocação de ativos em títulos, utilizando dados de dez anos, especificamente para o período de 2008 a 2017 e, posteriormente, recalculando por um período mais longo de quinze anos, ou seja, de 2003 a 2017. Os resultados mais confiáveis sugerem que, para um grupo específico de países, onde os fundos de pensão de benefício definido (DB) representam a maioria dos ativos, em um cenário de longo prazo com danos de crise difundidos, é possível construir um modelo explicativo onde a taxa de retorno do investimento responde positivamente à maior alocação de ativos em ações. No entanto, esse achado é invertido quando consideramos os desequilíbrios e distorções no mercado resultantes de crises financeiras. Ainda para esse grupo específico de países, uma maior oferta de títulos, mais perdas nas bolsas de valores podem levar ao reequilíbrio da carteira, com melhores resultados nesse caso para alocação de ativos em títulos e obrigações.
This dissertation provides new insights on the essential question about pension fund asset allocation and its consistency with the fundamental economic theory assumptions. The research consists of an empirical confirmation through linear regression calculations, where the investment rate of return was established as the central variable and dependent on the indicative variables of asset allocation in equity and asset allocation in bills and bonds, using ten years' worth of data, specifically for the period from 2008 to 2017 and hereinafter recalculating for a longer period of fifteen years, i.e. from 2003 to 2017. The most reliable results suggest that for a specific group of countries, where defined benefit (DB) type of pension funds represents the majority of assets, in a long-term scenario with widespread crisis damage, it is possible to construct an explanatory model where the investment rate of return responds positively to higher asset allocation in equity. Nonetheless, this finding is inverted when we consider the imbalances and distortions in the market resulting from financial crises. Still for this specific group of countries, higher bonds supply plus losses in stock markets may lead to portfolio rebalancing, with better results in this case for assets allocation in bonds.
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Hudson, Nicholas. "Undocumented Latino Student Activists' Funds of Knowledge| Transforming Social Movements." Thesis, The George Washington University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10602620.

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There are approximately 28,000 to 55,000 undocumented enrolled in postsecondary institutions in the United States (Passel, 2003). In order to achieve their educational ambitions despite the structural social, socioeconomic, political, and legislative barriers facing them, undocumented students utilize various resources they have at their disposal. Minoritized populations, specifically undocumented Latino students, have employed individual and collective agency in overcoming structural racism and barriers enacted to maintain the status quo. This study of eight undocumented Latino student activists in Virginia and Washington reveals the various forms of resources available undocumented Latino student activists and documents how these students utilize them to navigate the barriers they encounter, shape the undocumented student social movement, and achieve their educational aspirations. This study seeks to uncover what resources undocumented Latino student activists have at their disposal and how the usage of said resources impacts policy formation on an institutional, state and national level.

The study seeks to uncover whether undocumented students utilize their available funds of knowledge to achieve their educational goals and navigate through the barriers they encounter. The study finds that undocumented Latino student activists utilize their funds of knowledge in agriculture, business, construction, mechanics, music, and religion to develop strategies to navigate through educational, financial, institutional, and intrapersonal barriers they encountered. This application of funds of knowledge and community cultural wealth to student activism moves the debate from a deficiency narrative that has long permeated higher education research to an agency narrative.

This study provides valuable insight into the increase of undocumented Latino students’ participation in activism and how one can best aid undocumented Latino student activists. Through the thematic narrative analysis, the lived history and stories of undocumented Latino student activists from Washington and Virginia are woven together to unveil individual and collective routes to educational attainment and activism on behalf of undocumented students.

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He, Yazhou. "Institutional investors and hedge fund activism." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/102339/.

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This thesis studies the institutional investor background in order to understand the working of hedge fund activism: how institutional investors affect hedge fund activists target selection and how activists share information and build alliances through social connections to achieve their goals. Chapter 2 utilizes a rich literature on institutional investors' governance roles and develops simple measures of institutional discontent expressed through holding, trading and voice channels, to predict hedge fund activism target selection. Discontent expressed through all three channels leads to subsequent targeting. Medium sized dissatisfied owners and sellers seem to be the main driving force, and institutions' discretionary disagreements on management compensation and governance related proposals have the highest explanatory power among other voice channels. Activists are more likely to gain higher announcement returns and threaten to take hostile actions against management with more discontented institutional investors in the target companies. Discontented institutions are more likely to vote pro-activist in the subsequent annual meetings after campaigns. Chapter 3 uses a social network framework to study information dissemination during activist campaigns. Actively managed funds whose managers are socially connected to the lead activist are more likely to increase their ownership in the target firms around the activist disclosure. In the cross sectional analysis, we find that the effect is stronger if the activists have better track records and if the ties are established via club membership, charity works, and other small circles. Connected institutions also earn significantly higher announcement returns relative to non-connected funds. The presence of connected institutions contributes to the activist's campaign success. Additional tests are performed to rule out alternative explanations such as fund manager ability or similarity in portfolio choices. Chapter 4 goes one step further to study alliance building among activist investors and institutional investors during the campaign period. A socially connected institution is 1.1 percentage points more likely to increase its ownership in the target firm during the campaign period, compared to funds that are not socially connected to the activist. We use a subsample that includes all institutions subject to M&As before activism events to identify plausibly exogenous shocks to social connections and find similar results. Furthermore, connected institutions also perform significantly better on their investments than non-connected institutions and they are more likely to vote pro-activist in routine proposals, especially director election proposals. The effect is stronger if connected institutions also purchase target stocks during a campaign. The thesis contributes to the literature by developing measures of revealed institutional governance preference based on theoretical and survey evidence in the literature. It also uncovers a channel through which hedge fund activists share information and build alliances and push for corporate changes facilitated by mutual benefits amongst their fellow institutional allies.
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Goodwin, Shane. "Corporate governance and hedge fund activism." Thesis, Oklahoma State University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10140676.

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Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the American economy will suffer unless hedge fund activism with its perceived short-termism agenda is significantly restricted. Shareholder activists and their proponents claim they function as a disciplinary mechanism to monitor management and are instrumental in mitigating the agency conflict between managers and shareholders. I find statistically meaningful empirical evidence to reject the anecdotal conventional wisdom that hedge fund activism is detrimental to the long term interests of companies and their long term shareholders. Moreover, my findings suggest that hedge funds generate substantial long term value for target firms and its long term shareholders when they function as a shareholder advocate to monitor management through active board engagement.

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Rönngren, Andreas, and Ding Xu. "Active Share in the Swedish Premium Pension System : A Study on Mutual Fund Activity and Performance." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73545.

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We investigate the activity and performance of 64 Swedish registered mutual equity funds available in the Swedish Premium Pension System from October 2002 to December 2011. Fund activity is measured by applying the holdings based analysis Active Share combined with Tracking Error Volatility (TEV). Active Share is a relatively new measure that compares a fund’s holdings with its benchmark index constituents (Cremers & Petajisto, 2009; Petajisto, 2013). This is used as a proxy for the fund’s stock selection strategy. As a complement, TEV is used as a proxy for the factor timing strategy. Performance are measured by using Jensen’s (1968) model, Fama and French’s (1993) model and Carhart’s (1997) model. We document that Swedish funds in the Premium Pension System are relatively passive in term of Active Share compared to US funds. We attribute this finding to the relative number of stocks held by a fund compared to the market. Swedish equity funds hold a relatively larger share of the number of stocks in the Swedish market while US funds hold a relatively smaller share of the stocks in the US market. We run a panel regression analysis to test the relation between Active Share and various variables. We find that funds with higher TER fees and fewer stocks on average have higher Active Share. There are also indications that TEV is positively related to Active Share. However, the overall explanatory power of the variables is low. We attribute this as evidence that Active Share is an independent measure of fund activity. Overall, we find neutral performance for an equally weighted portfolio of all funds in the PPS. To examine the performance differences between different levels of activity, we sort funds into five portfolios based on Active Share and TEV. The results show that, given a medium-to-low TEV, funds with high Active Share significantly outperform funds with low Active Share. Furthermore, it appears that the fee rebate in the Premium Pension System is important especially for the passive funds. Without the rebate, the passive funds underperform significantly. We run a panel regression analysis on the future fund performance to test the predictive abilities of Active Share and TEV. The results indicate that Active Share does not explain future performance differences. Conversely, TEV is negatively related to future performance which can be explained by fund managers being overconfident
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Pereira, Maria Leonor Vidal de Beça. "Gestão de carteira de activos de fundos de pensões." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10474.

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Mestrado em Finanças
O sistema de pensões português passa por algumas dificuldades relativamente à sua sustentabilidade. Este facto levou a que em 2007 fossem levadas a cabo uma série de alterações na legislação, com a aprovação do Decreto-Lei n.º 187/2007 de 10 de Maio. Uma das principais alterações é a que introduz um factor de sustentabilidade no cálculo das pensões, de forma a garantir que os pagamentos das pensões não sejam afectados. É neste contexto, de alguma incerteza, que o recurso a Fundos de Pensões (FP) privados surge. O presente relatório diz respeito a um estágio realizado numa gestora de FP, a Caixa Gestão de Activos, SGPS, S.A.. O estágio teve a duração de 5 meses e centrou-se na gestão de activos e interpretação de medidas de apoio à gestão. O relatório divide-se em seis capítulos. Começa por introduzir o tema dos FP e apresentar um pouco da história da instituição onde foi realizado o estágio. Seguidamente apresenta-se uma revisão literária sobre os temas chave abordados e uma pequena informação estatística sobre o sector do FP em Portugal. No quarto capítulo apresenta-se as actividades desenvolvidas no âmbito estágio de forma detalhada. Os últimos dois capítulos são constituídos pelas conclusões do trabalho e a bibliografia utilizada.
The Portuguese pension system is going through a number of difficulties regarding its sustainability. This evidence led to several changes in legislation, with the approval of the Decreto-Lei nº187/2007 of the 10th of May. One of the main amendments introduces the element of sustainability in the calculation of pensions in order to ensure that pension payments are not affected. It is in this somewhat uncertain context that the use of private Pension Funds (FP) arises. The present report concerns an internship undertook in a FP manager, Caixa Gestão de Activos, SGPS, S.A. . The internship had the duration of 5 months and focused on asset management and on the interpretation of management supporting measures. The report is divided in six chapters. It begins by introducing the F.P. topic and the history of the institution where the internship was undertook. Then it is presented the literary review on the key topics studied and minor statistic information about the F.P. sector in Portugal. The fourth chapter focuses on the details regarding the activities developed during the internship. The two final chapters are reserved for the conclusion and bibliography.
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Books on the topic "Activist Funds"

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Orol, Ronald D. Extreme value hedging: How activist hedge fund managers are taking on the world. Hoboken, N.J: Wiley, 2008.

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United States. Federal Election Commission., ed. Local party activity. [Washington, D.C.?]: Federal Election Commission, 1993.

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Lewis, Michael A. Local party activity. [Washington, D.C.?]: Federal Election Commission, 1993.

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Lewis, Michael A. Local party activity. [Washington, D.C.?]: Federal Election Commission, 1993.

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Tonello, Matteo. Hedge fund activism: Findings and recommendations for corporations and investors. New York, NY]: The Conference Board, 2008.

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Massachusetts. Office of Campaign and Political Finance. Campaign finance activity by non-elected multi-candidate committees during the 1985 and 1986 calendar years. Boston: The Office, [1987], 1987.

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Massachusetts. Office of Campaign and Political Finance. Campaign finance activity for the 2002 statewide ballot questions. Boston, Mass: Commonwealth of Massachusetts, Office of Campaign & Political Finance, 2002.

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Idaho. The Sunshine law for political funds and lobbyists activity disclosure. Boise, ID: Secretary of State, 2003.

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Financial market activity of life insurance companies and pension funds. Basle: Bank for International Settlements, Monetary and Economic Dept., 1988.

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1971-, Johnston Susan, ed. Party favors. Guilford, Conn: Lyons Press, 2008.

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Book chapters on the topic "Activist Funds"

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Cory, Jacques. "Internet, Transparency, Activist Associations and Ethical Funds." In Activist Business Ethics, 135–58. Boston, MA: Springer US, 2002. http://dx.doi.org/10.1007/978-1-4419-8672-6_14.

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Hellebuyck, Eveline. "Activist Hedge Funds and Legal Strategy Devices." In Legal Strategies, 277–92. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-642-02135-0_13.

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Pacces, Alessio M. "Hedge Fund Activism in Corporate Governance." In Encyclopedia of Law and Economics, 1066–74. New York, NY: Springer New York, 2019. http://dx.doi.org/10.1007/978-1-4614-7753-2_716.

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Pacces, Alessio M. "Hedge Fund Activism in Corporate Governance." In Encyclopedia of Law and Economics, 1–9. New York, NY: Springer New York, 2017. http://dx.doi.org/10.1007/978-1-4614-7883-6_716-1.

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Bova, Anthony, and Martin Leibowitz. "Activity Ratios: Alpha Drivers in Long/Short Funds." In Modern Portfolio Management, 237–56. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118267189.ch14.

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Schneider, Marguerite. "Managerialism versus Shareholderism: An Examination of Hedge Fund Activism." In Shareholder Empowerment, 171–99. New York: Palgrave Macmillan US, 2015. http://dx.doi.org/10.1057/9781137373939_8.

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Modena, Matteo. "A Macroeconomic Analysis of the Latent Factors of the Yield Curve: Curvature and Real Activity." In Financial Econometrics Modeling: Derivatives Pricing, Hedge Funds and Term Structure Models, 121–46. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230295209_7.

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Gatti, Stefano, and Chiara Battistini. "Hedge Funds' Activism: A New Trend of Convergence toward Private Equity in Public Firms?" In Private Equity, 155–93. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118267011.ch9.

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Fernández Sánchez, José L., Elisa Baraibar Diez, and María D. Odriozola Zamanillo. "The Impact of Shareholder Social Activism on Firms’ Corporate Social Performance Through SRI Fund Investment." In Responsible Business in a Changing World, 99–113. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-36970-5_6.

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"Hedge Funds as Activist Investors." In Mergers, Acquisitions, and Corporate Restructurings, 279–301. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2017. http://dx.doi.org/10.1002/9781119380771.ch7.

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Conference papers on the topic "Activist Funds"

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OGRYZEK, Marek. "AFFORESTATION IN RURAL DEVELOPMENT PROGRAMME AND ITS ROLE IN CHANGING LAND USE STRUCTURE." In Rural Development 2015. Aleksandras Stulginskis University, 2015. http://dx.doi.org/10.15544/rd.2015.048.

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The paper deals with EU financial support mechanisms for agricultural holdings (in terms of spatial differentiation) and includes the issues related to a range of activities within the Rural Development Plan/Programme [Polish: PROW] which were conducted between 2002 and 2004 (Rural Development Plan) and between 2007 and 2010 (Rural Development Programme 2007–2013) and with regard to the organisation and technological development of agriculture, i.e. afforestation. The research demonstrated serious territorial differences in the amount and structure of European funds acquired by agricultural holdings in poviats located in the Warmińsko- Mazurskie voivodeship. Two indices were used in the study: poviat activity (comparison of the number of applications submitted) and absorption of funds in agricultural holdings (comparison of the number of payments made) which were considered together as a composite index of EU fund utilisation, whereby the funds acquired in the periods of 2004–2006 and 2007–2010 were treated separately. A holistic analysis was also carried out and it included the entirety of European Programme Measures, with special attention paid to the differences between spatial patterns observed between 2004 and 2010 per 1 ha of forest. Additionally, a co-relation between poviat activity, payments made and forest land area was analysed. The study included also the relationship between the absorption index and the forest land area. It has been shown that the Common Agricultural Policy [Polish: WPR] instruments dedicated for pro-ecological agricultural activities in poviats of the Warmińsko-Mazurskie voivodship – mostly with regard to afforestation – contribute to spatial changes in the land use structure.
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Fynchina, Khicheza. "Household Savings as a Source of Investment in the Reproductive Process of Kyrgyz Republic." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00565.

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The issue of ineffective usage of household is investigated, considering the lack of financial resources for the development of internal production in Kyrgyz Republic. The dynamic of households in the country is shown. Also the substantiation of author’s definition of investigated category is provided. In order to understand the essence of issue, there is a grouping of households in a form of scheme is shown. The research of grouping signs allowed basing the allotment of investment funds. Savings play a dual role in the reproduction process of the country. On the one hand, as the withdrawal of funds from the stream of income, savings cause lack in consumption; constraining supply growth, that is an expansion of production. On the other hand, if the savings are mobilized by the financial and credit system, and sent into the real economic sector, for an increase of the accumulation fund and expanding of production, they are favorable to economic growth and increase in GDP. Clearly shows the correlation between GDP growth and the dynamics of household savings to Kyrgyz Republic. Materials for this research were literary sources and statistical data. Solving an issue of under-investment is possible due to household savings, which occupy a special place in a number of economic phenomena, because they are at the crossroads of the interests of citizens, organizations, specializing in financial services, and the state. Their involvement depends primarily on the activity of the institutions, accumulating these savings.
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Kavun, Sergii, Olga Zavgorodnia, Oksana Panchenko, and Robert Brumnik. "Counteracting Malicious Insider’s Activity within Funds Transfer Systems." In 2019 IEEE International Scientific-Practical Conference Problems of Infocommunications, Science and Technology (PIC S&T). IEEE, 2019. http://dx.doi.org/10.1109/picst47496.2019.9061212.

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Japarova, Damira, and Anara Kamalova. "The Use of Financial Resources in Public Health Organizations in The Kyrgyz Republic." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c09.01972.

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Public health in Kyrgyzstan is generally characterized by the dominance of inpatient care. There is an increase in hospitalization in all regions of the republic. This is an indicator of ineffective activity at the primary level, i.e. patients who have not been treated in polyclinics become hospital patients. This fact contradicts the goals of health care reform and shows that limited resources in health care are used inefficiently. A considerable part of the state funds is used for the treatment of privileged special patients. Accordingly, no more than 6% of budgetary funds are addressed for remaining citizens. During the analyzed period, the share of expenses for medicines decreased, most of the funds are aimed at increasing the salaries of medical staff, covering public services and other expenses. Customers who need state support do extra payment for doctors. Herewith a small share of their extra payment is used for treatment and nutrition in hospitals.
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"The Activity of Local and Foreign Real Estate Investment Funds in Spain." In 10th European Real Estate Society Conference: ERES Conference 2003. ERES, 2003. http://dx.doi.org/10.15396/eres2003_267.

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Kobos, Edgar. "Analysis of Development Factors of Non-Governmental Organizations with Particular Emphasis on Public Funds and the Process of European Integration." In 5th International Scientific Conference 2021. University of Maribor Press, 2021. http://dx.doi.org/10.18690/978-961-286-464-4.5.

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In the last quarter of the century, there has been a steady increase in the number and scope of organizations operating under the so-called third sector. These organizations implement a wide range of activities, from social services to recreational activities, from political pressure groups to groups that promote art or history. Foundations and associations are an important arena of social, economic and political activity, alongside the state and the private sector, they feature an increasingly important role in today's world. European public funds provide a plentiful supply of financing for these activities. It has been shown that European funds change the statutory objectives of foundations and associations as public funds determine their operational priorities and directions of development. Active civil society supports the creative processes of social capital, and the most important function of NGOs is precise to strengthen social capital. Participation in NGOs is a determinant of civic maturity for citizens. On the other hand, due to the active participation of citizens in such organizations, societies have changed. This is the reason why the direction of the third sector development and the phenomena of its growth is so crucial for every European State.
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KOBIAŁKA, Anna, and Renata KUBIK. "EFFICIENCY OF THE INVESTMENT ACTIVITY OF POLISH COMMUNES IN RURAL AREAS." In RURAL DEVELOPMENT. Aleksandras Stulginskis University, 2018. http://dx.doi.org/10.15544/rd.2017.207.

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The purpose of this paper was to evaluate the efficiency of investment activity in the communes in Poland. The commune is a basic unit of local government in Poland, and rural and urban-rural communes constitute the vast majority of municipalities. Communes in their own name and on their own account carry out public tasks that cover all tasks of local interest, including technical and environmental infrastructure. Despite many researches on the efficiency of communes, there are no studies on selected activities as well as on rural areas only. The nonparametric method of technical efficiency Data Envelopment Analysis (DEA) was used in the study. The inputs and the effects of investment activity of rural and urban-rural communes in 2007-2013 were compared. This period was related to the duration of EU support programs. The study was conducted on the basis of data from the Local Data Bank which is Poland's largest database of the economy, society and the environment. The ranking of investment activity for communes were made based of the calculated average for indicators of efficiency. The studies conducted show that the amount of expenditure incurred on the studied spheres of investment activity of the analyzed communes does not translate into their efficiency. This is connected with the possibility of obtaining additional funds from EU. Information on the use of EU funds for financing the municipal investments were not included in the study due to lack of data before 2010. Among the analyzed rural and urban-rural communes the most efficient ones were located in the Mazowieckie, Świętokrzyskie and Lubelskie voivodships, although they were not fully efficient throughout the considered period. Due to its closeness to the capital, the municipality of Mazowieckie voivodeship belongs to an area with a high degree of urbanization. Communes from the Świętokrzyskie and Lubelskie voivodships belong to regions characterized by a high share of rural areas. The dynamic development of infrastructure is extremely important in terms of divergence between regions of the country.
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Gureyev, Vadim N., Nikolay A. Mazov, and Inna Yu Ilyicheva. "Bibliometric methods to identify priority research trends in the Earth sciences." In Twenty Fourth International Conference "Information technologies, computer systems and publications for libraries". Russian National Public Library for Science and Technology, 2020. http://dx.doi.org/10.33186/978-5-85638-221-0-2019-47-52.

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Identifying research priorities and trends is one of the most important strategic tasks of scientific organizations. Its accomplishment enables to distribute limited funds more efficiently and to establish an interest balance between various stakeholders in research activity; it also makes research organization and its structural divisions more competitive in the academic space. The paper reports the findings of bibliometric analysis; research priorities for an individual research organization specialized in the earth sciences, are revealed. The discussed approaches based on the use of citation analysis and content analysis can significantly enhance expert evaluation process at the stage of setting research priorities.
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Melikov, Y. I., and S. A. Statsenko. "ABOUT STRENGTHENING THE ROLE OF BORROWED FUNDS IN THE FORMATION OF CAPITAL OF AGRIBUSINESS ENTERPRISES." In STATE AND DEVELOPMENT PROSPECTS OF AGRIBUSINESS Volume 2. DSTU-Print, 2020. http://dx.doi.org/10.23947/interagro.2020.2.655-659.

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The issues of forming the aggregate capital of agricultural enterprises on the example of the processing industry are considered. The concepts of the total capital of the enterprise, its structure are clarified. The characteristic of sources of capital formation is given. Using the example of a dairy company in the Matveevo-Kurgan District of the Rostov Region, we analyze the sources of its capital formation and its functioning in a difficult financial situation. The role of borrowed funds in ensuring sustainable economic activity of the enterprise, maintaining jobs and increasing production volumes is shown. The necessity of creating an anti-crisis and anti-bankrupt bank lending mechanism is substantiated.
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Kurdyukov, V. N., and T. V. Lebedeva. "ANALYSIS OF MEASURES TO REDUCE ECOLOGICAL AND ECONOMIC DAMAGE FROM AUTOMOBILE TRANSPORT." In STATE AND DEVELOPMENT PROSPECTS OF AGRIBUSINESS. DSTU-PRINT, 2020. http://dx.doi.org/10.23947/interagro.2020.1.643-646.

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The article considers common classifications of measures to reduce environmentaleconomic damage from motor vehicles. Classification from the point of view of control impact is proposed, which allows to take into account relations between the state and citizens in the field of reduction of negative impact of motor vehicles on the environment. The analysis of the classification made it possible to identify areas of activity for improving the efficiency of management impacts, taking into account the incentives of citizens to comply with the requirements of the legislation and to create conditions for their exceeding. Increasing the efficiency of resource allocation in the Territory will allow the released funds to be allocated to the development of industry, agriculture, education and science.
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Reports on the topic "Activist Funds"

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Brav, Alon, Wei Jiang, Song Ma, and Xuan Tian. How Does Hedge Fund Activism Reshape Corporate Innovation? Cambridge, MA: National Bureau of Economic Research, May 2016. http://dx.doi.org/10.3386/w22273.

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Bebchuk, Lucian, Alon Brav, and Wei Jiang. The Long-Term Effects of Hedge Fund Activism. Cambridge, MA: National Bureau of Economic Research, June 2015. http://dx.doi.org/10.3386/w21227.

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Brav, Alon, Wei Jiang, and Hyunseob Kim. The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes. Cambridge, MA: National Bureau of Economic Research, October 2011. http://dx.doi.org/10.3386/w17517.

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Eadson, Will, Ben Pattison, Mark Stevens, Alison Twells, and Nicola Verdon. Evaluation of Heritage Lottery Fund’s First World War Centenary Activity: Year 3 report. Heritage Lottery Fund, July 2017. http://dx.doi.org/10.7190/cresr.2017.5232473488.

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Didjurgis, Tim J., and Kyle J. Fullerton. The Advantages and Disadvantages of Converting the Naval Postgraduate School to a Navy Working Capital Fund Activity. Fort Belvoir, VA: Defense Technical Information Center, June 2014. http://dx.doi.org/10.21236/ada607779.

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Crespi, Gustavo, Lucas Figal Garone, Alessandro Maffioli, and Ernesto H. Stein. Research Insights: Does R&D Activity Stimulated by Chile’s FONDEF and FONTEC Programs Lead to Knowlege Spillovers? Inter-American Development Bank, August 2020. http://dx.doi.org/10.18235/0002928.

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Chile's FONDEF and FONTEC R&D grant programs both boost the productivity of direct beneficiaries, increasing total factor productivity (TFP) by around 4.2 percent. However, spillover effects are contingent on program design. Only FONDEF funded projects (requiring collaboration between firms and research centers) generate positive spillovers. FONTEC projects, which fund R&D within the firm, do not. Spillover effects are nonlinear according to the share of firms within a sectorregion receiving subsidies. Positive knowledge spillovers dominate when the share of treated firms is small. However, if the program supports a large share of a firms rivals, spillovers decline as a result of a business-stealing effect.
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Carter, Becky. Strengthening Gender Equality in Decision-making in Somaliland. Institute of Development Studies (IDS), February 2021. http://dx.doi.org/10.19088/k4d.2021.078.

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This rapid review searched for literature on how and why women continue to struggle in Somaliland to achieve formal political representation and to take on informal decision-making roles on local peace and political matters, from community to national levels. Women’s participation in peacebuilding and political decision-making in Somaliland is very limited. A key barrier is the clan system underpinning Somaliland’s political settlement. Entrenched and politicised, patriarchal clans exclude women (and other minority groups) from formal and customary leadership and decision-making roles. Other contributing factors are conservative religious attitudes and traditional gender norms. Structural inequalities – such as low levels of education, lack of funds, and high levels of violence towards women and girls – impede women’s participation. Some women are more disempowered than others, such as women from minority clans and internally displaced women. However, there is increasing disillusionment with clan politicisation and a growing recognition of women’s value. There are opportunities for framing gender equality in local cultural and religious terms and supporting grassroots activism.
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Ayers, R., G. P. Course, and G. R. Pasco. Scottish Inshore Fisheries Integrated Data System (SIFIDS): work package (2) final report WP2A: development and pilot deployment of a prototypic autonomous fisheries data harvesting system, and WP2B: investigation into the availability and adaptability of novel technological approaches to data collection. Edited by Mark James and Hannah Ladd-Jones. Marine Alliance for Science and Technology for Scotland (MASTS), 2019. http://dx.doi.org/10.15664/10023.23443.

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[Extract from Executive Summary] To enhance sustainability and foster resilience within Scotland’s inshore fishing communities an effective system of collecting and sharing relevant data is required. To support business decisions made by vessel owners as well as informing fisheries managers and those involved in marine planning it will be vital to collect a range of information which will provide a robust understanding of fishing activity, the economic value of the sector and its importance within local communities. The SIFIDS Project was conceived to assist in attaining these goals by working alongside fishers to develop and test technology to automatically collect and collate data on board vessels, thereby reducing the reporting burden on fishers. The project built upon previous research funded through the European Fisheries Fund (EFF) and was designed to deliver a step change in the way that inshore fisheries in Scotland could be managed in cooperation with the industry. The project focussed on inshore fishing vessels around Scotland, where spatio-temporal information on the distribution of vessels and associated fishing effort is data deficient. The whole project was broken down into 12 highly integrated work packages. This is the integrated report for work packages 2A and 2B, entitled’ Development and Pilot Deployment of a Prototypic Autonomous Fisheries Data Harvesting System’ (2A) and ‘Investigation into the Availability and Adaptability of Novel Technological Approaches to Data Collection’ (2B).
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Saillant, Eric, Jason Lemus, and James Franks. Culture of Lobotes surinamensis (Tripletail). Mississippi Department of Marine Resources, January 2014. http://dx.doi.org/10.18785/ose.001.

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The Tripletail, Lobotes surinamensis, is a pelagic fish found in tropical and sub-tropical waters of all oceans. Tripletails are often associated with floating debris and make frequent incursions in bays and estuaries where they are targeted by recreational fishermen. In Mississippi waters the species is typically present during the late spring and summer season that also correspond to the period of sexual maturation and spawning (Brown-Peterson and Franks 2001). Tripletail is appreciated as a gamefish but is also prized for its flesh of superior quality. The fast growth rate of juveniles in captivity documented by Franks et al. (2001) and the excellent quality of Tripletail flesh both contribute to the potential of this species for marine aquaculture. In addition, the production of cultured juveniles would be precious to develop a better understanding of the biology, early life history and habitat use of Tripletail larvae and juveniles, a topic largely undocumented to date, through experimental releases and controlled studies. The culture of tripletail thus supports the Tidelands Trust Fund Program through improved conservation of natural resources, potential enhancement of fisheries productivity and potential development of a new economic activity on the Gulf coast producing tripletail via aquaculture. The Objective of this project was to initiate development of methods and techniques needed to spawn captive held tripletail broodfish and raise their offspring to evaluate their growth and development in captivity. In this report we will present the results of studies aiming to develop methods and protocols for captive spawning of tripletail and the first data obtained on the early development of tripletail larvae. A major issue that was encountered with tripletail broodstock development during the project lied in the difficulties associated with identifying the sex of adults caught in the wild and candidates for being incorporated in mating sets for spawning. This issue was addressed during the course of the project by examining the potential of a non-lethal method of hormonal sexing. The results of these preliminary investigations are presented in the third part of this report. All protocols used in the project were determined with the guidance of the Institutional Animal Care and Use Committee (IACUC) of the University of Southern Mississippi (USM IACUC protocol number 10100108).
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Hedge Fund Activism Can Help, Not Hurt, in the Long Run. IEDP Ideas for Leaders, August 2014. http://dx.doi.org/10.13007/428.

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