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Journal articles on the topic 'Activist Funds'
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1
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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Bebchuk, Lucian A., Alma Cohen, and Scott Hirst. "The Agency Problems of Institutional Investors." Journal of Economic Perspectives 31, no. 3 (August 1, 2017): 89–112. http://dx.doi.org/10.1257/jep.31.3.89.
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Financial economics and corporate governance have long focused on the agency problems between corporate managers and shareholders that result from the dispersion of ownership in large publicly traded corporations. In this paper, we focus on how the rise of institutional investors over the past several decades has transformed the corporate landscape and, in turn, the governance problems of the modern corporation. The rise of institutional investors has led to increased concentration of equity ownership, with most public corporations now having a substantial proportion of their shares held by a small number of institutional investors. At the same time, these institutions are controlled by investment managers, which have their own agency problems vis-à-vis their own beneficial investors. We develop an analytical framework for understanding the agency problems of institutional investors, and apply it to examine the agency problems and behavior of several key types of investment managers, including those that manage mutual funds—both index funds and actively managed funds—and activist hedge funds. We show that index funds have especially poor incentives to engage in stewardship activities that could improve governance and increase value. Activist hedge funds have substantially better incentives than managers of index funds or active mutual funds. While their activities may partially compensate, we show that they do not provide a complete solution for the agency problems of other institutional investors.
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Jahnke, Patrick. "Ownership concentration and institutional investors’ governance through voice and exit." Business and Politics 21, no. 3 (May 8, 2019): 327–50. http://dx.doi.org/10.1017/bap.2019.2.
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AbstractDrawing on data collected in interviews with investors and corporates in the United States and Europe, this paper sheds light on the motives behind shareholder engagement. It explains why index funds engage in corporate governance, despite their apparent lack of financial incentive to do so. Applying Hirschman's concepts of exit and loyalty to the investment management industry, this paper suggests that for many institutional shareholders today, voice is more feasible than exit. For the largest index investors, the cost of engagement has fallen to a level where it is today negligible. The immense concentration amongst index funds, with the three largest fund managers controlling over 90 percent of assets, ensures sufficient return on their governance investments. Furthermore, interviews with activist investors suggest that they have learned to work with index investors and that index funds do not present barriers to successful campaigns. This paper therefore advocates against restricting index funds’ voting rights. Doing so would muzzle those shareholders with the deepest pockets and the greatest potential for corporate oversight. Instead what is needed is regulation to ensure greater disclosure of engagement efforts by the largest fund companies enabling greater academic and public oversight of asset managers’ engagement activities.
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Carrothers, Andrew. "Friends or Foes? Activist Hedge Funds and other Institutional Investors." Economics and Business Review 3 (17), no. 1 (2017): 38–72. http://dx.doi.org/10.18559/ebr.2017.1.3.
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Bradley, Michael, Alon Brav, Itay Goldstein, and Wei Jiang. "Activist arbitrage: A study of open-ending attempts of closed-end funds." Journal of Financial Economics 95, no. 1 (January 2010): 1–19. http://dx.doi.org/10.1016/j.jfineco.2009.01.005.
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Fichtner, Jan. "Rhenish capitalism meets activist hedge funds: Blockholders and the impact of impatient capital." Competition & Change 19, no. 4 (May 28, 2015): 336–52. http://dx.doi.org/10.1177/1024529415586324.
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Morris, Andrew. "The Voluntary Sector's War on Poverty." Journal of Policy History 16, no. 4 (October 2004): 275–305. http://dx.doi.org/10.1353/jph.2004.0023.
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In 1970, Elizabeth Wickenden, a longtime activist on behalf of public social provision and a broker between voluntary social welfare agencies and the federal government, despaired of a quiet revolution occurring in social service provision. “Virtually unchallenged and undebated,” she observed, “the principle established with the first large-scale federal welfare program, the Federal Emergency Welfare Administration [sic], that public funds should only be expended by public agencies, was quietly repudiated.” Through a series of domestic initiatives, including the Economic Opportunity Act of 1965 and amendments to the Social Security Act in 1967, the federal government had begun to channel a significant amount of money through nongovernmental organizations. To older activists like Wickenden, who had fought hard to build the public infrastructure of the welfare state, such a trend was troubling, as it seemed to indicate a dwindling commitment to public social provision that had informed New Deal social policy.
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Murenko, D. I. "Socio-political transformations of the Khrushchev “thaw” (based on the materials of the Komsomol Committee of Tomsk State University 1956—1957)." Vestnik of Orenburg State Pedagogical University. Electronic Scientific Journal, no. 37 (2021): 138–48. http://dx.doi.org/10.32516/2303-9922.2021.37.11.
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The article attempts to characterize the socio-political activity of young people during the early “thaw” on the basis of the activities of the Komsomol Committee of Tomsk State University. The main practices of political and educational work of Komsomol in relation to student youth are considered. The source base of the study was the funds of the Center of Documentation of the Latest History of the Tomsk Region, periodical materials — the university newspaper “For Soviet Science”, the printed organ of the Tomsk Regional Committee of the Komsomol “Young Leninist”, as well as oral history materials. It was concluded that with the beginning of the “thaw”, the introduction of new attitudes into the educational process, in particular the rejection of dogmatism in teaching social sciences, stimulated the Komsomol activists to search for new forms of work with young people and lead to the formation of an activist-type political culture, which found embodiment in the desire to expand the boundaries of student self-government, as well as in socio-political discussions.
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Malinas, Mark. "The rise of shareholder activism—what you need to know." APPEA Journal 55, no. 2 (2015): 448. http://dx.doi.org/10.1071/aj14083.
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The past few years have seen a dramatic rise in shareholder activism in Europe and the US and it is a trend becoming more common in Australia. Companies operating in the oil and gas sector have been subject to particular attention and there are a growing number of examples of this in Australia. The targets of shareholder activism range in size and performance, but are often companies with perceived board weakness, those that are considered to adhere to outdated corporate governance, those whose strategic direction is in question or those that have an under-performing share price, though other factors can also be relevant. Using these issues or concerns as a pretext, activists are increasingly focused on using tactics that allow them to exert control or exercise influence to realise returns or agitate for change in companies that: have significant assets (such as oil and gas reserves) relative to their market value; have high costs, large capital expenditures and long revenue generation lead time (such as exploration projects); or, operate in low growth or fluctuating markets (such as with the price of oil and gas). Unsurprisingly, the oil and gas sector is being increasingly seen by certain funds and investors as fertile ground for shareholder activism. The Australian legal landscape also presents shareholders with a platform from which to exert influence. For instance: shareholders are able to requisition general meetings (and resolutions to be put to those meetings) if they hold sufficient shares and put the entire board up for re-election following the introduction of the two strikes rule; and, directors are required to adhere to statutory and common law duties in responding to shareholders. Shareholder activist campaigns are often played out in public and can be highly disruptive to companies’ operations. Accordingly, directors and senior management of oil and gas companies should be aware of shareholder activism in Australia and, in the broader interests of all shareholders and their company, consider how they should respond or be ready to respond. This may be done through various processes, including testing the company’s perceived weaknesses and addressing them and having a plan to address activism should it arise.
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Kang, Jiyeon, Mark R. DesJardine, and Donald C. Hambrick. "Sinners or Saints? The Career Prospects Awaiting Directors Who Are Sponsored by Activist Hedge Funds." Academy of Management Proceedings 2021, no. 1 (August 2021): 10312. http://dx.doi.org/10.5465/ambpp.2021.10312abstract.
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Hsieh, Jim, and Tao-Hsien Dolly King. "The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-On Activities." Journal of Financial and Quantitative Analysis 54, no. 1 (November 9, 2018): 101–53. http://dx.doi.org/10.1017/s0022109018000649.
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Recent research on blockholders focuses on activist hedge funds and documents positive stock but negative bond returns. This study investigates the role of blockholder heterogeneity on security market effects and target firm follow-on activities across three important dimensions: identity, motive, and purchasing method. We show that target firms’ security returns and post-acquisition activities strongly correlate with blockholder heterogeneity. Further, bond returns are significantly positive for firms with blockholders’ debt-assistance motive while both stock and bond returns are significantly negative in private placements. Overall, our findings highlight the importance of blockholder heterogeneity on the valuation and performance consequences in block acquisitions.
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Jumaniyazov, I. T. "Transparency Is A Key Indicator Of The Activity Of Sovereign Wealth Funds." American Journal of Management and Economics Innovations 03, no. 05 (May 31, 2021): 30–37. http://dx.doi.org/10.37547/tajmei/volume03issue05-06.
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This article examines and analyzes the criteria for maximum transparency, which is the main criterion for evaluating the effectiveness of sovereign funds. Two globally recognized methods for assessing the maximum transparency of sovereign wealth funds have been analyzed. The Santiago Principles and the Linaburg-Madwell Transparency Index, approved by 26 member countries of the International Monetary Fund and based on generally accepted rules, have been studied and analyzed in detail. Foreign experience in ensuring maximum transparency of sovereign wealth funds has been studied. A number of problems in ensuring the maximum transparency of the Fund's activities, which are the main criteria for assessing the effectiveness of the Fund for Reconstruction and Development in our country, were analyzed and scientific and practical suggestions and recommendations were made to ensure maximum transparency of the Fund's activities.
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Emel, Jody. "An Inquiry into the Green Disciplining of Capital." Environment and Planning A: Economy and Space 34, no. 5 (May 2002): 827–43. http://dx.doi.org/10.1068/a3428.
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‘Following the money’ has become a popular strategy for many NGOs trying to change corporate and institutional practice. Individual shareholders, pension funds, banks, and other investors capitalize projects that cause ecological degradation or social injustice. Pressuring shareholders to divest, invest responsibly, or encourage executives to alter undesirable practices has become de rigueur for civil-society groups working for social change. Such strategies produce value or norm change, greater accountability, activist networks across national boundaries, and improvements in environmental management. Disinvestment helped bring down apartheid in South Africa. But how far can these ‘disciplining’ strategies go in terms of significantly ameliorating ecological destruction and violations of human rights? I explore this question using the case study of the campaign by Friends of the Earth against the operations of Freeport – McMoRan Copper and Gold Inc. in Irian Jaya (West Papua).
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Wong, Yu Ting Forester. "Wolves at the Door: A Closer Look at Hedge Fund Activism." Management Science 66, no. 6 (June 2020): 2347–71. http://dx.doi.org/10.1287/mnsc.2019.3312.
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Most investor coordination remains undisclosed. I provide empirical evidence on the extent and consequences of investor coordination in the context of hedge fund activism, in which potential benefits and costs from coordination are especially pronounced. In particular, I examine whether hedge fund activists orchestrate “wolf packs”—that is, groups of investors willing to acquire shares in the target firm before the activist’s campaign is publicly disclosed via a 13D filing—as a way to support the campaign and strengthen the activist’s bargaining position. Using a novel hand-collected data set, I develop a method to identify the formation of wolf packs before the 13D filing. I investigate two competing hypotheses: the Coordinated Effort Hypothesis (wolf packs are orchestrated by lead activists to circumvent securities regulations about “groups” of investors) and the Spontaneous Formation Hypothesis (wolf packs spontaneously arise because investors independently monitor and target the same firms at about the same time). A number of tests rule out the Spontaneous Formation Hypothesis and provide support for the Coordinated Effort Hypothesis. Finally, the presence of a wolf pack is associated with various measures of the campaign’s success. This paper was accepted by Brian Bushee, accounting.
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Subramanian, Shanmugasundaram. "Proxy advisory industry in India." Corporate Ownership and Control 13, no. 2 (2016): 371–78. http://dx.doi.org/10.22495/cocv13i2clp5.
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Proxy advisory firms play a significant role in shareholder voting and in the formulation of corporate governance policy. This paper analyses the status of budding proxy advisory industry in India using a case study method. The paper first traces the history of the global proxy advisory industry and also reviews the literature. Then we study the Indian Proxy Advisory Industry, which was born when the market regulator SEBI came out with a regulation in 2010 on “mutual funds” shareholding resolution voting policy. Quickly, three proxy advisory firms came to the market with differing ownership structure. Indian financial market offered great potential for investment through institutional investors. However the institutional investors in India are traditionally restrained them from taking activist role by voting on the shareholder meeting proposals. This poses a challenge to Indian proxy advisory firms along with other challenges typical of an emerging industry. The proxy advisory firms need to overcome the challenges to ensure their success. This pioneering work on Indian proxy advisory industry would open up new research ideas
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Alexander, William. "Homelessness and Police Policy in Tucson." Practicing Anthropology 11, no. 1 (January 1, 1989): 8–18. http://dx.doi.org/10.17730/praa.11.1.0433676154871330.
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The homeless movement in the United States has taken a more activist-oriented approach, as those advocating the rights of displaced poverty-stricken people seek solutions that go beyond the usual "out of sight, out of mind" offerings of charity such as soup kitchens and shelter. Organizations such as the National Coalition for the Homeless and the National Union of the Homeless have staged demonstrations and publicity-capturing acts of disobedience all across the country, including the erection of a tent city in front of City Hall when the Union was organized in Tucson in December 1987. The collective demand is housing, specifically that Federal funds be restored to pre-Reagan levels. On July 14, 1988, as part of a national "Take Off the Boards" demonstration that occurred in fifty-four other cities, homeless people and advocates in Tucson occupied several vacant buildings to protest, in the words of the president of the Southern Arizona Coalition for the Homeless, the "moral crime" of letting housing resources go unused. Jobs, education, health care, and equal rights are also target concerns.
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Farmer, Stephanie, and Sean Noonan. "Post-Neoliberalism or Deepened Neoliberalism? The Chicago Public Transportation Service and Elite Response during the Great Stagnation." Perspectives on Global Development and Technology 10, no. 1 (2011): 73–84. http://dx.doi.org/10.1163/156914911x555116.
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AbstractBoth mainstream and progressive commentators heralded President Obama’s economic stimulus program as sounding the death knell of the global neoliberal accumulation regime and inaugurating a form of Neo-Keynesianism. Although some funds have been earmarked for urban infrastructure projects, elite actors have used the shock of the crisis as a pretext to delimit and dismantle the public sector. In this article, we examine the case of Chicago’s public transportation in order to evaluate these countervailing forces. On one hand, federal stimulus money has been used to rehabilitate deteriorating public transit infrastructure. On the other hand, the response of local elites to budget shortfalls caused by the current economic crisis has involved support for a combination of service cuts and intensified attacks on unions to “share the burden”. Our study of neoliberalism in Chicago’s public transit sector illustrates how local elites strategically wield the state as an instrument for accumulation, whether by retrenching the role of the state or mobilizing for a more activist role of the state in seeding accumulation.
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Del Guercio, Diane, and Tracie Woidtke. "Can Strong Corporate Governance Selectively Mitigate the Negative Influence of “Special Interest” Shareholder Activists? Evidence from the Labor Market for Directors." Journal of Financial and Quantitative Analysis 54, no. 4 (October 8, 2018): 1573–614. http://dx.doi.org/10.1017/s0022109018001217.
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Union and public pension funds, the most prolific institutional activists employing low-cost targeting methods, are often accused of pursuing private benefits. Extant literature finds that unions representing workers, as stakeholders, are not aligned with shareholders. Limiting shareholder power may mitigate “special interest” activism but can also exacerbate managerial agency problems. In two different settings, majority approved and withdrawn shareholder proposals, we examine and find supportive evidence that the director labor market as a corporate governance mechanism can selectively mitigate the negative influence that conflicted stakeholder-shareholder union funds have over firms without stifling all influence of low-cost activists.
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Cheng, C. S. Agnes, Henry He Huang, Yinghua Li, and Jason Stanfield. "The Effect of Hedge Fund Activism on Corporate Tax Avoidance." Accounting Review 87, no. 5 (April 1, 2012): 1493–526. http://dx.doi.org/10.2308/accr-50195.
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ABSTRACT This paper examines the impact of hedge fund activism on corporate tax avoidance. We find that relative to matched control firms, businesses targeted by hedge fund activists exhibit lower tax avoidance levels prior to hedge fund intervention, but experience increases in tax avoidance after the intervention. Moreover, findings suggest that the increase in tax avoidance is greater when activists have a successful track record of implementing tax changes and possess tax interest or knowledge as indicated by their Securities and Exchange Commission (SEC) 13D filings. We also find that these greater tax savings do not appear to result from an increased use of high-risk and potentially illegal tax strategies, such as sheltering. Taken together, the results suggest that shareholder monitoring of firms, in the form of hedge fund activism, improves tax efficiency. JEL Classifications: G32; G34; H26. Data Availability: Data are available from sources identified in the text.
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Lackey, Jill. "Commentary in Search of the Grassroots-Why Implementing Residents' Wishes is Harder Than it Seems." Practicing Anthropology 25, no. 2 (April 1, 2003): 49–53. http://dx.doi.org/10.17730/praa.25.2.mt81107q10824812.
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On the surface, the skills of practicing anthropologists and the needs of urban neighborhoods seem to be an ideal match-especially in a city like Milwaukee, WI. According to the latest US Census report, Milwaukee is the most segregated of the large cities in the nation. Cultural groups abound here yet interact minimally. Local grant funds are often available for tax-exempt organizations to design programs that will help residents of various ethnic/ "racial" groups and social classes build community for the health of neighborhoods. Historically, anthropologists have demonstrated an activist commitment to the interests of grassroots groups; and are schooled in cultural competency, cross-cultural knowledge, and understanding the dynamics of ethnic and class boundaries. In addition, anthropologists are skilled in research methods that can reliably assess residents' attitudes, wishes, needs, and openness to options. It makes sense to believe that practicing anthropologists would be successful at the form of cultural brokering funding sources seek, as long as it is done in collaboration with the neighborhood leaders and draws on the consensus of residents. But who are these neighborhood leaders? And can anthropologists and others transform resident consensus into actual programming? Somewhere between the useful skills of anthropologists and implementing resident wishes are layers of constraints.
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Bariz, Historei, and Dirk Schiereck. "Market reactions on shareholder activism through open letters." Corporate Ownership and Control 18, no. 1 (2020): 69–77. http://dx.doi.org/10.22495/cocv18i1art6.
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To position themselves in the competitive landscape of fund collection, activist investors have to generate public awareness for their actions and differentiate themselves from other investors. Thereby, the activist investor Petrus Advisers predominantly uses the instrument of open letters in daily newspapers. By its concentration on this single instrument, Petrus Advisers allows us to analyze shareholder activism not only from an overall investor’s case study perspective but also with a focus on a single tool of activism. We examine market reactions caused by these open letters on the target companies’ share prices with a regional focus on Continental Europe. The analysis of 42 open letters shows that only initial publications addressed directly to the management board of the target companies induce positive market reactions. In addition, less profitable firms and companies with a larger number of employees generate greater positive stock price reactions. Based on the results, open letters might not be the most favorable single instrument for activist investors in Europe.
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Laucht, Christoph. "‘Treatment Not Trident’: Medical Activism, Health Inequality and Anti-Militarism in 1980s Britain." Social History of Medicine 32, no. 4 (April 19, 2018): 843–66. http://dx.doi.org/10.1093/shm/hky027.
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Summary In 1985, Britain’s chief group of medical anti-nuclear weapons activists, the Medical Campaign Against Nuclear Weapons (MCANW), launched its ‘Treatment, Not Trident’ (TNT) campaign. TNT called on the Thatcher Government to cancel the acquisition of the Trident nuclear weapon system and divert those funds to the National Health Service and foreign aid instead. Using TNT, this article makes some more general observations about key aspects of the history, nature and ideologies of medical activism in relation to anti-militarism and health inequality. Alongside a conceptualisation of ‘medical activism’, it offers an examination of chief ways in which the strategic mobilisation of health and welfare priorities, and a growing interest in developing nations enabled MCANW to reach a larger audience. Moreover, higher levels of professionalisation, politicisation and inclusivity contributed to TNT’s success, making it a crucial moment in the development of both MCANW and medical activism in general.
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Reestorff, Camilla Møhring. "Mediatizing Shame: Posthumanitarianism and Participatory Development Ethics in Radi-Aid’s Activist Awareness Campaigns." Conjunctions. Transdisciplinary Journal of Cultural Participation 2, no. 1 (October 2, 2015): 153–75. http://dx.doi.org/10.7146/tjcp.v2i1.22275.
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This article studies the Norwegian Students and Academics’ International Assistance Fund’s (SAIH) hoax advocacy campaign, Radi-Aid. The paper distinguishes between advocacy campaigns that are designed as fund- raising and awareness campaigns targeted at changing political attitudes towards humanitarianism. The article argues that Radi-Aid is a mediatized activist awareness campaign that negotiates participatory development ethics. The focus is thus on Radi-Aid’s engagement in an ethics that explores the functionality of celebrities and lifestyle posthumanitarianism and the participation of local communities. While posthumanitarianism might simply be dismissed, for instance, through notions of low engagement participation such as clicktivism and life-style activism, the article argues that Radi-Aid is itself a form of posthumanitarianism. This posthumanitarian- ism is crucial because it works as a form of détournement that simultaneously shames participants and makes existent humanitarian communities present to one another and turns them into political collectives. As such, Radi-Aid can be interpreted as a reconfiguration of posthumanitarianism that offers the shamed a remedy by means of the participatory development ethics.
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Sharrad, Paul. "Interpodes: Poland, Tom Keneally and Australian Literary History." Text Matters, no. 2 (December 4, 2012): 169–79. http://dx.doi.org/10.2478/v10231-012-0062-7.
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This article is framed by a wider interest in how literary careers are made: what mechanisms other than the personal/biographical and the text-centred evaluations of scholars influence a writer’s choices in persisting in building a succession of works that are both varied and yet form a consistently recognizable “brand.” Translation is one element in the wider network of “machinery” that makes modern literary publishing. It is a marker of success that might well keep authors going despite lack of sales or negative reviews at home. Translation rights can provide useful supplementary funds to sustain a writer’s output. Access to new markets overseas might also inspire interest in countries and topics other than their usual focus or the demands of their home market. The Australian novelist and playwright Thomas Keneally achieved a critical regard for fictions of Australian history within a nationalist cultural resurgence, but to make a living as a writer he had to keep one eye on overseas markets as well. While his work on European topics has not always been celebrated at home, he has continued to write about them and to find readers in languages other than English. Poland features in a number of Keneally’s books and is one of the leading sources of translation for his work. The article explores possible causes and effects around this fact, and surveys some reader responses from Poland. It notes the connections that Keneally’s Catholic background and activist sympathies allow to modern Polish history and assesses the central place of his Booker-winning Schindler’s Ark filmed as Schindler’s List.
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Apostol, Jane, and Tom Apostol. "Grassroots Democratic Activism in Altadena, California, in the Mid-Twentieth Century." Southern California Quarterly 96, no. 3 (2014): 271–312. http://dx.doi.org/10.1525/scq.2014.96.3.271.
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A dual reminiscence by grassroots Democratic activists in a Southern California suburban community supported by their personal archive of newsletters of and clippings about the Adlai Stevenson Democratic Club of Altadena (later named the Democratic Club of Altadena) from 1954 to 1970. This record of political, educational, social, and fund-raising activities of the organization provides a significant lens for understanding mid-century political activism.
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Christie, Anna L. "The new hedge fund activism: activist directors and the market for corporate quasi-control." Journal of Corporate Law Studies 19, no. 1 (June 6, 2018): 1–41. http://dx.doi.org/10.1080/14735970.2018.1463672.
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Gallagher, Nancy. "Liberating Afghan Women." American Journal of Islamic Social Sciences 21, no. 3 (July 1, 2004): 70–88. http://dx.doi.org/10.35632/ajiss.v21i3.508.
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Public opinion in the United States and elsewhere celebrated the liberation of Afghan women following the defeat of the Taliban government. The United States promised to stay in Afghanistan and foster security, economic development, and human rights for all, especially women. After years of funding various anti- Soviet Mujahidin warlords, the United States had agreed to help reconstruct the country once before in 1992, when the Soviet-backed government fell, but had lost interest when the warlords began to fight among themselves. This time, however, it was going to be different. To date, however, conditions have not improved for most Afghan women and reconstruction has barely begun. How did this happen? This article explores media presentations of Afghan women and then compares them with recent reports from human rights organizations and other eyewitness accounts. It argues that the media depictions were built on earlier conceptions of Muslim societies and allowed us to adopt a romantic view that disguised or covered up the more complex historical context of Afghan history and American involvement in it. We allowed ourselves to believe that Afghans were exotic characters who were modernizing or progressing toward a western way of life, despite the temporary setback imposed by the Taliban government. In Afghanistan, however, there was a new trope: the feminist Afghan woman activist. Images of prominent Afghan women sans burqa were much favored by the mass media and American policymakers. The result, however, was not a new focus on funding feminist political organizations or making women’s rights a foreign policy priority; rather, it was an unwillingness to fulfill obligations incurred during decades of American-funded mujahidin warfare, to face the existence of deteriorating conditions for women, resumed opium cultivation, and a resurgent Taliban, or to commit to a multilateral approach that would bring in the funds and expertise needed to sustain a long-term process of reconstruction.
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SEREDIUK, Mariia. "SOCIAL AND POLITICAL ACTIVITIES OF VOLODYMYR TSELEVYCH DURING NATIONAL LIBERATION STRUGGLE, 1918–1923." Ukraine: Cultural Heritage, National Identity, Statehood 31 (2018): 181–89. http://dx.doi.org/10.33402/ukr.2018-31-181-189.
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The article analyzes the features of the formation of the outlook and social and political activities of the well-known Galician politician Volodymyr Tselevych in the first third of the 20th century within the context of socio-political processes in the region. It is noted that after graduation from the rural and high school, he entered the Law Faculty of the Yan Kazimierz University of Lviv, where, since his student years, he was an activist of social and cultural life. As a member of the Ukrainian Student Union (UCS), the future leader of the National Democrats fought for the Ukrainian University in Lviv, took an active part in the work of the national democratic section of this student organization, where supporters of the Ukrainian National Democratic Party (UNDP) rallied. Attention is drawn to politician's work in the Ukrainian Civic Committee (UGC), the Ukrainian Military Organization (UVO), his work on the protection of national-cultural, socio-political rights of Ukrainians who were persecuted by the Polish authorities after the Polish-Ukrainian War of 1918–1919. The circle of his associates, among them - the future leaders of Galician national parties, national-cultural organizations of land was singled out. The author has demonstrated that V. Tselevych was among those who signed a statement of the Inter-Party Council on complete trust in the government of Ye. Petrushevych on January 22, 1922. He also knew about specifics of S. Fedak's attempt to J. Pilsudski, as well as to S. Tverdohlib. It is shown that in 1923–1924 he was in the United States and Canada, where he raised funds for the cultural, educational and socio-economic needs of Ukraine. Keywords Volodymyr Tselevych, ZUNR, Ukrainian Civic Committee (UGC), Ukrainian Military Organization (UVO), Polish-Ukrainian war, repression.
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Gallagher, Nancy. "Liberating Afghan Women." American Journal of Islam and Society 21, no. 3 (July 1, 2004): 70–88. http://dx.doi.org/10.35632/ajis.v21i3.508.
Full textAbstract:
Public opinion in the United States and elsewhere celebrated the liberation of Afghan women following the defeat of the Taliban government. The United States promised to stay in Afghanistan and foster security, economic development, and human rights for all, especially women. After years of funding various anti- Soviet Mujahidin warlords, the United States had agreed to help reconstruct the country once before in 1992, when the Soviet-backed government fell, but had lost interest when the warlords began to fight among themselves. This time, however, it was going to be different. To date, however, conditions have not improved for most Afghan women and reconstruction has barely begun. How did this happen? This article explores media presentations of Afghan women and then compares them with recent reports from human rights organizations and other eyewitness accounts. It argues that the media depictions were built on earlier conceptions of Muslim societies and allowed us to adopt a romantic view that disguised or covered up the more complex historical context of Afghan history and American involvement in it. We allowed ourselves to believe that Afghans were exotic characters who were modernizing or progressing toward a western way of life, despite the temporary setback imposed by the Taliban government. In Afghanistan, however, there was a new trope: the feminist Afghan woman activist. Images of prominent Afghan women sans burqa were much favored by the mass media and American policymakers. The result, however, was not a new focus on funding feminist political organizations or making women’s rights a foreign policy priority; rather, it was an unwillingness to fulfill obligations incurred during decades of American-funded mujahidin warfare, to face the existence of deteriorating conditions for women, resumed opium cultivation, and a resurgent Taliban, or to commit to a multilateral approach that would bring in the funds and expertise needed to sustain a long-term process of reconstruction.
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Protsiv, Mykola. "ZINOVY STOKALKO (BEREZHAN). UNKNOWN… UNDISCOVERED… UNEXPLORED…" Naukovì zapiski Nacìonalʹnogo unìversitetu "Ostrozʹka akademìâ". Serìâ Ìstoričnì nauki 1 (December 17, 2020): 240–45. http://dx.doi.org/10.25264/2409-6806-2020-31-240-245.
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The article considers the activities of the famous bandura player, modernist poet, student activist and doctor, doctor of medicine, and student of Berezhany gymnasium – Zinoviy Shtokalko (Berezhan). Who is he? His father’s genes to some extent determined the life path of his son Zinoviy. In my subjective opinion, I defined them as follows: Doctor. Bandurist! Writer… Artist? .. Punctuation rather shows my understanding of Zinoviy Shtokalko as of today. Attention is focused on his stay in Germany (study at the Ludwig-Maximilian University in Munich; public activities in the field of international student movement led by the Ukrainian student community, the Foreign Students Associations; edition of weekly issue “Students news” & its publications, poetic creativity and concert activity of a bandura player) and the USA (professional activity as a doctor; concert and artistic activity of a bandura player, preservation and popularization of bandura art; literary work). Based on original documents from the funds of Berezhany Museum of Local Lore and private collections, some aspects of the biography have been clarified (period of study at the Lviv Medical Institute, arrival in the USA, performances as a bandura player in the USA). According to the research results, the catalog “Zinoviy Shtokalko (Berezhan) and his family in the Berezhany Museum of Local Lore and in private collections” was published. It includes 358 original photos, letters, books, documents and objects. All of that covers quite a wide time range (1891–2020). “Geographical” coverage is the following: Berezhany, Brody, Kalne, Lviv, Sokal, Munich, Canada, Germany, USA… Research continues: unrecognized photos, negatives and photo albums, unread letters from the family, manuscripts of Zinoviy’s father – priest Pavel Shtokalko, and documents in the archives of various institutions are awaiting processing.
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Foroughi, Pouyan, Namho Kang, Gideon Ozik, and Ronnie Sadka. "Investor Protection and the Long-Run Performance of Activism." Journal of Financial and Quantitative Analysis 54, no. 1 (August 24, 2018): 61–100. http://dx.doi.org/10.1017/s0022109018000674.
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Using a parsimonious measure of investor protection constructed from fund organizational characteristics, this paper documents that companies targeted by activists with better investor protection structures outperform those targeted by those with poor investor protection structures by roughly 10% per year. The outperformance is observed only for active targets for which Schedule 13Ds are filed, not for passive Schedule 13G investments, indicating that the effect is not explained by a superior target-selection ability. The evidence suggests that funds with better investor protection achieve increased profitability and valuation ratio of their targets by reducing agency costs, improving corporate governance, and collaborating with other large institutional investors.
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Ben Arfa, Nouha, and Daniel Labaronne. "Activisme actionnarial deshedge funds." Revue Française de Gestion 42, no. 254 (January 2016): 17–36. http://dx.doi.org/10.3166/rfg.2016.00010.
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Tchotourian, Ivan, and Naomi Koffi. "Renforcer le conseil d’administration et mieux encadrer le vote actionnarial : les réponses possibles du droit à l’activisme dur des hedge funds." Les Cahiers de droit 59, no. 3 (October 10, 2018): 617–76. http://dx.doi.org/10.7202/1052479ar.
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L’activisme de certains fonds d’investissement tels que les fonds de couverture ou fonds de placement spéculatif (plus connus sous le nom de « hedge funds ») rompt avec la philosophie et la démarche qui ont longtemps caractérisé l’activisme actionnarial traditionnel. La stratégie des hedge funds consiste à contraindre les administrateurs et les dirigeants d’entreprises à mettre en oeuvre des politiques de rentabilité à court terme en ayant recours aux instruments classiquement utilisés par les actionnaires activistes (batailles de votes, propositions actionnariales, recours judiciaires, etc.). À l’heure actuelle, le comportement des hedge funds activistes est au coeur d’intenses discussions. Beaucoup soulignent les conséquences néfastes que suscite leur action (qualifiée d’activisme « dur ») sur la pérennité des entreprises, sur leurs parties prenantes (salariés, créanciers, etc.) et sur le climat économique. Toutefois, il est exagéré d’affirmer que cet activisme n’a que des aspects négatifs. À ce titre, des spécialistes soulignent les effets disciplinaires positifs de l’activisme des hedge funds aussi bien sur le conseil d’administration que sur la haute direction. Sur le plan juridique, plusieurs solutions sont discutées (et certaines sont déjà mises en place dans certains pays) pour encadrer l’activisme des hedge funds : le renforcement du rôle du conseil d’administration par une compétence accrue de ses membres et un dialogue continu avec les autres actionnaires, d’un côté ; l’encadrement du droit de vote des actionnaires pour le faire davantage correspondre à leur intérêt économique, d’un autre côté. Au travers d’une approche comparative, descriptive et prescriptive, le présent texte contribue à l’intense débat que suscite actuellement l’activisme des hedge funds.
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Hyland, Steven. "A Sacred Duty: Nationalist and Anti-Imperial Activisms in Buenos Aires, 1916-1930." Journal of Urban History 46, no. 6 (May 2, 2019): 1317–40. http://dx.doi.org/10.1177/0096144219843114.
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The Southern Atlantic city of Buenos Aires emerged a critical hub of radical political activism between 1916 and 1930 at a time when the influence of anarchist activists waned and organized labor often worked with the Radical Civic Union presidents. Whether based in or passing through this city, activists and exiles, partisans, and pretenders pursued various strategies to achieve revolutionary change, raise funds for causes, assure sovereignty, control the public narrative, and network with like-minded individuals and groups. These agitators created webs of associations throughout the Atlantic world in the process. These networks were vital in fashioning enduring transnational connections, strategies of resistance, shared discourses, and symbolic registers that framed how nationalist and anti-imperial interactions were understood. This article focuses on Irish republicans, Catalan nationalists, and Arab anti-colonialists and their interactions with Argentine agitators, sympathizers, and various state actors to more fully understand the importance of Buenos Aires in this period and the consequences on sociopolitical life in this Atlantic port city up to the global depression of 1930.
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Miwa, Yumiko. "An international comparative study of the influence of investment funds on enterprise management." Impact 2021, no. 3 (March 29, 2021): 41–43. http://dx.doi.org/10.21820/23987073.2021.3.41.
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In the world of business nowadays there is a focus on shareholders, and a lack of separation between ownership and management. Innovations in investment technology have led to a growth in the assets of institutional investors and an increased influence of investors. Indeed, many investors have assumed the role of 'speaking shareholder' for the companies in question. This is referred to as hedge fund activism, with once silent investors becoming shareholders and, as a result, individuals and hedge funds are able to dominate the activities of companies. From the late 1990s to the early 2000s this situation was centred around pension funds but now revolves around hedge funds. Professor Yumiko Miwa, Graduate School of Commerce, Meiji University, Japan, is conducting an international comparative study of the influence of investment funds on enterprise management. This research investigates anti-takeover measures, preferential treatments and addresses potential conflicts of interest. In other research, Miwa is working to address the stance taken by some companies that women are socially disadvantaged. The topic of this research is Women Working in the Capital Markets.
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Hall, Dianne. "Irish republican women in Australia: Kathleen Barry and Linda Kearns's tour in 1924–5." Irish Historical Studies 43, no. 163 (May 2019): 73–93. http://dx.doi.org/10.1017/ihs.2019.5.
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AbstractThe 1924–5 fundraising tour in Australia by republican activists, Kathleen Barry and Linda Kearns, although successful, has received little attention from historians, more focused on the controversial tour of Fr Michael O'Flanagan and J. J. O'Kelly the previous year. While O'Flanagan and O'Kelly's tour ended with their deportation, Barry and Kearns successfully navigated the different agendas of Irish-Australian political and social groups to organise speaking engagements and raise considerable funds for the Irish Republican Prisoners’ Dependants' Fund. The women were experienced republican activists, however on their Australian tour they placed themselves firmly in traditional female patriotic roles, as nurturers and supporters of men fighting for Irish freedom. This article analyses their strategic use of gendered expectations to allay suspicions about their political agenda to successfully raise money and negotiate with political and ecclesiastical leaders.
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Silver, Ira. "Buying an Activist Identity: Reproducing Class through Social Movement Philanthropy." Sociological Perspectives 41, no. 2 (June 1998): 303–21. http://dx.doi.org/10.2307/1389479.
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Those who lack the financial means to organize for social change may turn to elite funders, yet in doing so risk having their goals co-opted. Activist philanthropy minimizes this threat because its grant decisions are made by movement insiders. This structure leaves donors occupying a precarious position. Their money is essential, yet their class position is discrediting. The Crossroads Fund raises its money by integrating donors as activists alongside community organizers. Even though community organizers have greater power inside the foundation, integrating donors requires that community organizers defer to donors' wider class and racial privilege. By showing that securing funding from donors hinges on legitimating their identity claims, this study bridges social movement theories about resource mobilization and collective identity formation.
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Shabbir, Tayybb. "Sheepskin Effects in the Returns to Education in a Developing Country." Pakistan Development Review 30, no. 1 (March 1, 1991): 1–19. http://dx.doi.org/10.30541/v30i1pp.1-19.
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This paper tests for the sheepskin or diploma effects in the rates of return to education in a developing country, Pakistan; presumably the only study for me country that explicitly investigates this important question. One reason forthis paucity of work may have been lack of appropriate data on an individual's educational status. The Mincerian log -linear specification of the earnings function is generalized to allow for the possibility that the returns to education increase discontinuously for the ~ears when diplomas/degrees are awarded. This provision is made in three different ways, i.e., by (a) introducing dummy variables for diploma years, (b) by specifying a disoontinuous spline function, and (c) by specifying a step function. Empirical evidence based on a nationally representative sample of male earners shows that substantial and statistically significant sheepskin effects exist at four important certification levels in Pakistan, namely, Matric, Intennediate, Bachelor's, and Master's. This froding is consistent with the screening rather than the convential human capital view of the role of education. However, it should be noted that while diplomas seem to matter, it is not true that only diplomas maUer; since even after controlling for diploma years the schooling coefficient, albeit smaller than before, is still substantial. Again, regarding the diploma effects, another interesting froding is that such effects are not significant in case of the Primary and the Middle levels of schooling. In tenns of the policy implications, it follows that, in the case of Pakistan, education is an important and significant influence on the individual earnings. However, to the extent that the diploma effects are significant, the potential for education as a source of enhancing worker productivity is lessened, thus reducing the scope of an activist public policy in this regard. This is particularly true for the Secondary levels of education. In fact, the frodings suppon a reallocation of the available public funds away from the teniary/higher education and towards the basic education, where the productivity enhancing human capital effects are relatively more apparent.
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Ahn, Albert Minkyu, and Yu Zhang. "Hubris and Activist Hedge Fund Success." Academy of Management Proceedings 2016, no. 1 (January 2016): 17858. http://dx.doi.org/10.5465/ambpp.2016.17858abstract.
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Bianchi, Marcello, and Luca Enriques. "Corporate governance in Italy after the 1998 reform: What role for institutional investors?" Corporate Ownership and Control 2, no. 4 (2005): 11–31. http://dx.doi.org/10.22495/cocv2i4p1.
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his paper tries to answer two questions: first, whether the changes in the law resulting from the 1998 reform are able to positively affect the attitude to activism of institutional investors in Italy; and second, whether, legal rules aside, it is reasonable to expect significant institutional investor activism in Italy. We provide both an empirical analysis of the factors affecting institutional investor activism in Italy and a legal analysis of the most relevant changes in the Italian mutual funds and corporate laws, following the 1998 reform. The empirical analysis shows that institutional shareholdings and investment strategies are compatible with the hypothesis that institutional investors can play a significant role in the corporate governance of Italian listed companies. However, a curb to their playing such an active role may derive from the predominance of mutual fund management companies belonging to banking groups (giving rise to conflicts of interest) and from the prevailing ownership structure of listed companies, which are still dominated by controlling shareholders holding stakes higher than, or close to, the majority of the capital (implying a weaker bargaining power of institutions vis-à-vis controllers). The analysis of the legal changes prompted by the 1998 financial markets and corporate law reform indicates that the legal environment is now definitely more favorable to institutional investor activism than before. However, the Italian legal environment proves still to be little favorable to institutional investor activism, when compared to that of the U.S. or the U.K.
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de Almeida, Luiz Philippe Antoun, and Ricardo Pereira Câmara Leal. "Activism failure of state-owned pension funds with board seats in Brazil." Corporate Board role duties and composition 16, no. 3 (2020): 52–62. http://dx.doi.org/10.22495/cbv16i3art4.
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There is no clear positive and significant impact of institutional investor activism in Brazil possibly due to lack of skills, portfolio diversification motivations (Sonza & Granzotto, 2018), and conflicts of interest (Maranho, Leal, & Bortolon, 2020). This article investigates two high profile activism cases to assess these conjectures and address two very large and widely held Brazilian companies, which had good corporate governance indicators and were not state-controlled or closely regulated. The cases involve the two largest Brazilian pension funds, both sponsored by state-owned companies because their size and importance would make a positive outcome more likely. Yet, in both cases, the pensions funds failed in their attempts, even when acting jointly with other foreign and domestic institutional investors. The conclusion suggests that these investors may lack skills to assess the likelihood and consequences of events that occurred soon after their investment and that changed the fundamental nature of their investees. This study places the lack of activism success under the general discussion of the challenge of costly active versus passive portfolio management. Finally, there was no evidence of conflicts of interest and political alignment of these state-related pension funds in these two activism situations