-LSB-...] recent study conducted by April Klein and Emanuel Zur on shareholder activism found that stock prices of companies
targeted by activist investors earn 10.2 % average returns -LSB-...]
A study by Greenwood and Schor notes that while a strategy of buying stocks that have been
targeted by activist investors generates excess returns, almost all of those returns can be attributed to the subset of these firms that get taken over in hostile acquisitons.
• The right activists: If the median activist hedge fund investor essentially breaks even, as the evidence suggests, a blunderbuss approach of investing in a company
targeted by any activist investor is unlikely to generate value.
You can try to identify companies that are poorly managed and run, and thus most likely to be
targeted by activist investors.
A recent study conducted by April Klein and Emanuel Zur on shareholder activism found that stock prices of companies
targeted by activist investors earn 10.2 % average returns during the period surrounding an activist's ownership disclosure and an additional 11.4 % abnormal return during the following year.
Nestle is being
targeted by activist investor Dan Loeb's hedge fund Third Point, which has built a stake of more than $ US3.5 billion ($ 4.6 billion) in the world's biggest food company.
A recent survey on corporate reputation conducted by the Corporate Responsibility Association (CRA) showed that nearly 50 % of the companies who responded had been
targeted by activist citizen groups, and now engage with these non-governmental organizations in order to help improve public perceptions.
Costs are both financial, including listing fees and the expenses associated with mandatory disclosures and other regulatory requirements, and less tangible, such as the perceived burden of quarterly earnings releases, the risk of being
targeted by activist investors, and higher visibility that can result in political or competitive pressure.
Xerox has been
targeted by activist investor Carl Icahn and shareholder Darwin Deason, who joined forces last week to push Xerox to explore strategic options, oust its «old guard», including its CEO, and negotiate better terms for its decades - long deal with Fujifilm.
The researchers looked at 380 board seats spread across 93 companies in the Standard & Poor's 1500 Index
targeted by activists between 2011 and 2015.
Firms
targeted by activists end up with more white men on their boards, often replacing women and minorities in the process, according to a study by proxy voting firm ISS.
Their target investments include a number of firms whose share prices might be influenced by high insider buying, spun - off divisions, reduced float, and
targeting by activist shareholders, as well as your basic «good buys.»
Carbon Beach specializes in identifying deeply undervalued stocks
targeted by activists and private equity investors.
The 150 - foot Melville Monument — commemorating Henry Dundas, 1st Viscount Melville — in Edinburgh's St Andrew Square, was
targeted by activists last year, who superglued on a new plaque to acknowledge the full extent of Dundas» brutality (his opposition to the abolition of slavery, his use of the military to enforce the Highland clearances).
Not exact matches
As for Anthony Weiner, he was
targeted by the late provocateur Andrew Breitbart and fellow Right - wing
activists who used fake email addresses and pretended to be underage girls.
In terms of other technical IT platforms, an FSB cyber operative flagged up the «Telegram» enciphered commercial system as having been of especial concern and therefore heavily
targeted by the FSB, not least because it was used frequently
by Russian internal political
activists and oppositionists.
Restaurant companies can make ripe
targets for
activists, as most are tiny
by market - cap standards so amassing a sizable stake doesn't cost too much.
While Fudge knew many admired Unilever's purpose - driven corporate culture, she and her colleagues on the board were pleasantly surprised
by how well it served the company when it became an
activist target.
Management Corporate Boards Led
by investors such as Carl Icahn, Bill Ackman and Jeff Smith, and
targeting companies from DuPont to PepsiCo, campaigns
by activist investors have become a common occurrence in the United States in the past few decades.
A wide array of people have complained about being successfully
targeted by this sort of attack, including a Black Lives Matter
activist and the chief technologist of the Federal Trade Commission.
Victorian farmers say they are being unfairly
targeted by animal
activists, putting pressure on their businesses and personal lives.
For the
activists who were
targeted by undercover police officers, justice may be done, but it certainly won't be seen to be done.
The online petition signing, which has since exceeded its
target, was met with a counter online petition project, launched
by Buhari's laptop
activists and funded
by the Presidency.
It also has led to suggestions that those who do rebel against the party line may be
targeted in their seats
by pro-Corbyn
activists...
For instance, Public Advocate Bill de Blasio — who is
targeting same sorts of progressive
activist and outer borough voters that Mr. Weiner could be aiming for — said his strategy wouldn't be altered
by a Weiner candidacy.
However, those who do rebel against the party line may be
targeted in their seats
by pro-Corbyn
activists.
These statements might sound like the rhetoric used
by extreme animal rights groups, but they come from White Coat Waste — a new, unlikely coalition of fiscal conservatives and liberal
activists that aims to end federal funding for research involving dogs and other animals
by targeting people's pocketbooks in addition to their heartstrings.
(The University of Cambridge abandoned plans in 2004 for a primate research lab, and
activists have
targeted an animal research lab being built
by the University of Oxford.)
They're part of the environmental justice movement, a crusade that grew out of the recognition that it was mainly the poor and people of color who were forced —
by circumstance, finances, lack of political power and what
activists call «environmental apartheid» that callously
targets the disenfranchised — to live and work in some of the nation's dirtiest environments.
Organized
by an Asheville, N.C. - based environmental group called the Dogwood Alliance, the protest is the latest move
by activists to draw attention to the wood pellet industry's growth in the South, where they allege forests are being chopped down unsustainably so European nations can meet renewable energy
targets.
Environmental
activists said they are heartened
by the number of countries that are moved to action but said pressure must remain on nations to both improve their
targets and build a way in the Paris deal to regularly review and ratchet up carbon - cutting commitments.
That program, known as JARPA II, called for taking 850 minkes, 50 humpbacks, and 50 fin whales annually, though in recent years actual captures fell far below those
targets because of interference
by antiwhaling
activists.
Alexander Payne's Downsizing opened the Venice Film Festival and while the film itself is a polarizing, uneven story, it boasts a powerful, touching and funny performance
by Hong Chau who plays an immigrant and
activist who protests the Vietnamese government's acts against her small village and ends up shrunken and placed in a TV set at a
Target store in...
Seberg, the darling of the French New Wave era, became romantically and politically involved with civil rights
activist Hakim Jamal (to be played
by Anthony Mackie) and became a
target of the FBI for her part in the Black Power movement of the 1960s.
It isn't as if Duncan can't make this happen; in September, Virginia ended up revising its proficiency
targets after the Obama administration was sufficiently embarrassed
by civil rights
activists and reformers over its earlier approval.
Last month, the administration scrambled to get Virginia to scrap its low expectations for poor and minority children amid outcry from reformers and civil rights
activists over the Old Dominion's move to approve AMO
targets that only require districts to ensure that 57 percent of black students (and 65 percent of Latino peers) are proficient in math
by 2016 - 2017; those
targets were blessed
by the administration back in June as part of its approval of the state's waiver proposal.
And considering that Virginia has done little to address its educational woes — including addressing the mere one - percent decline in the percentage of young black men in fourth - grade mired in functional illiteracy (as measured on the National Assessment of Educational Progress) between 2003 and 2011 — Gov. Bob McDonnell, state Supt. Patricia Wright, and their colleagues were rightfully shamed
by reformers and civil rights
activists into revamping those
targets (and the Obama administration, which also moved to push Virginia into revising them, deserves criticism for accepting those low
targets in the first place).
It also found that the effects of
activist activities improved long term operational performance at
target firms, demonstrated
by ROE and ROA increases, while evidence of positive financial and corporate governance effects were observed in the form of increased dividend payouts and lowered CEO compensation.
The study highlighted that the
target firm typically outperforms the market
by 7 % to 8 % over a four - week period before and after announced
activist campaigns
by hedge funds.
Activists target these undervalued, cash - rich companies, seeking to improve the intrinsic value and close the market price discount
by reducing excess cash through increased payout ratios.
A study of 888 campaigns mounted
by activist hedge funds between 2001 and 2005 finds that the typical
target companies are small to mid cap companies, have above average market liquidity, trade at low price to book value ratios, are profitable with solid cash flows and pay their CEOs more than other companies in their peer group.
•
Activist value investing,
by its very nature, requires a thorough understanding of
target firms, since you have to know where each of these firms is failing and how you would fix these problems.
Activist managers, which
target governance and strategy reform, beat the MSCI World index
by six percentage points a year between the start of 2008 and June 2012, according to data provider
Activist Insight.
Not surprisingly, most of my efforts to seek out potential buyers, and / or other
activist investors, will (
by necessity) happen off - line — rest assured though, I'm already working on a promising
target list of funds & firms.
Ordinarily, I'd steer clear of any workshop that promised a role - playing activity, but I'd pay good money to see TWS Executive Director / CEO Michael Hutchins (who, just last week, put the kibosh on comments
by non-members, complaining that «the TWS blog site has been recently
targeted by feral cat and horse
activists») play the role of colony caregiver.
The Angora wool industry has been a
target of criticism
by animal rights
activists, who claim that the rabbits are scared and injured in the process of harvesting the wool.
Plus: Münster Sculpture Projects artists announced $ 12 million gift for Denver Art Museum and LA nonprofit closes due to
targeting by anti-gentrification
activists
The ironic report from the front regards the situation in Gaza, there is a high Jewish population of extreme liberals and yet now some are being
targeted and blacklisted
by Pro-Palestinian
activists, other liberals in many cases.
Violent agitators whom the French call «the autonomous»
targeted one police barricade after another during an otherwise peaceful demonstration
by climate
activists.
In recent years, other companies
targeted by shareholder
activists have promised to reduce greenhouse gas emissions, increase investments in renewable energy, use more sustainable ingredients and packaging, or hold discussions on implementing take - back policies for electronics recycling.