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Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World | |||
Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World |
Praise for Extreme Value Hedging
"An intelligent, well-researched, and very useful book. Experts and laymen alike will find it eye-opening."
Jeffrey H. Birnbaum, The Washington Post
"Love them or hate them, activist hedge funds are having a significant impact on the American and global corporate economies. Ron Orol's detailed and thoughtful book is required reading for anybody who wants to understand what these funds are, how they work, and the various good and bad effects they can have on corporate performance."
Lawrence E. Mitchell, Theodore Rinehart Professor of Business Law at George Washington University, author of The Speculation Economy
"Provides breadth, insight, and a worldwide perspective on one of our most dramatic capital market developmentsthe rise of the activist hedge fund. The book is essential reading for those who want to understand the current economic scene."
Harvey J. Goldschmid, Dwight Professor of Law at Columbia Law School, former SEC Commissioner (2002-05)
"Ron Orol's deep network of contacts and his insight into shareholder activism make this book a must for anyone seeking to understand these enfants terribles of the capital markets."
Boyd Erman, Capital Markets Reporter, The Globe and Mail
"A fascinating read on the David and Goliath interaction between a small group of activist investors and corporations of all sizes worldwide. Orol spares no details as he unlocks the secrets of how activist shareholders create dramatic change in today's global investment marketplace."
James G. Tompkins, PhD, Director of Board Advisory Services, Corporate Governance Center,Kennesaw State University
作者简介 Ronald D. Orol is a financial reporter for MarketWatch, where he reports on hedge funds, banking regulation, and also the Securities and Exchange Commission. Prior to MarketWatch, Orol spent seven years as a senior writer for The Deal and The Daily Deal, covering the activist hedge fund industry as well as other topics. He is also a commentator on BBC World Television, CNBC TV, CTV, and National Public Radio. In addition, Orol regularly organizes and moderates panels on hedge funds and banking regulation. Prior to his work at The Deal, he was a reporter with Dow Jones Newswires and the Washington correspondent at the Providence Journal. Before moving to Washington, Orol spent three years as a business and finance reporter for the Prague Post in the Czech Republic. While in Prague, he also reported for Southam Newspapers, the Montreal Gazette, and the Toronto Star on Eastern European privatization and the political transformation of the region. Orol earned his bachelor of journalism honors degree from Carleton University in Ottawa, and received a business and economics journalism master's degree from Boston University, where he graduated with distinction.
目录
Preface.
Acknowledgments.
Introduction.
Part One: From Raiders to Activists and Everything in Between.
Chapter 1: Growth of Activism and Why Corporate Raiders Aren’t Around Anymore.
Chapter 2: Nuts and Bolts: How Activists Became Who They Are Today.
Chapter 3: The Pack: How Activists Are Working Together (But Not Offi cially).
Chapter 4: How Activists Use Litigation to Pursue Their Agenda.
Chapter 5: Why Activists Target Certain Corporations and Leave Others Alone.
Chapter 6: Overperked and Overpaid: The Impact of Activists on Executive Compensation.
Chapter 7: Hedge Specialization: Good or Bad?
Chapter 8: Regulation and Activists: How the Securities and Exchange Commission Helps (or Hurts) Activists.
Part Two: Institutional Investors and Activists.
Chapter 9: Institutional Investors on Activist Hedge Funds: Love’em or Hate’em?
Chapter 10: Activists Taking on Large Corporations Must Have Institutional Support.
Chapter 11: Institutions and Activist Hedge Funds: Breaking Up Deals Together Around the World.
Chapter 12: Just Vote No and No and No Again.
Chapter 13: Institutions Changing Corporate Bylaws so Activist Hedge Funds Can Get Down to Business.
Chapter 14: Can’t Be Them? Then Fund Them.
Chapter 15: Institutions Behaving Like Activist Hedge Fund Managers.
Part Three: Activism 2.0.
Chapter 16: Technology, Communications, and Activists: Gary Lutin, Eric Jackson, and Anne Faulk.
Chapter 17: When Is an Activist Fund Really a Private Equity Fund, and What’s the Difference?
Chapter 18: Funds of Hedge Funds Stake Out Activists.
Chapter 19: Distressed Investing: How Activist Managers Buy Debt and Provoke Companies.
Chapter 20: Hedge Activists in Western Europe, Asia, and Canada.
Chapter 21: East Meets West: Hedge Activism Goes Global to Emerging Markets.
Chapter 22: Value Investing versus Activism: Which One Is Better?
Conclusion: Saturation or No Saturation?
Notes.
About the Author.
Index.
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