Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund
基于Hermes英国焦点基金的数据，分析其通过私下干预而非公开行动进行的股东积极主义，发现该基金显著跑赢基准，异常回报主要来自积极干预而非选股。
This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly through private interventions that would be unobservable in studies purely relying on public information. The fund substantially outperforms benchmarks and we estimate that abnormal returns are largely associated with engagements rather than stock picking. © The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.