Activist “Leopards” found not to change spots that easily
| Mar 23rd, 2010 | Filed under: Academic Research, Hedge Fund Industry Trends, Today's Post | By: Alpha Male |
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If there is a patron saint of shareholder activism it’s probably Gordon Gekko, whose iconic “greed is good” shtick has launched a thousand activist hedge funds. Since he delivered that famous speech, Gekko had become the fourth richest fictional character in the world by 2008, with an estimated net worth of over $8 billion (ranking him ahead of the Monopoly guy, Thurston Howell III from Gilligan’s Island and even perennial bad-boy Jabba the Hutt).
So we were quite interested to see this recent study on hedge fund activism by Orly Sade of the Jerusalem School of Business, and Emanuel Zur of Baruch College at the City University of New York. The paper ponders whether activism is situational and ad hoc or, on the other hand, ingrained in the modus operandi of certain hedge funds. The answer is contained clearly in the paper’s title: “A leopard does not change his spots – evidence of activism in the hedge fund industry.” More…
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