caa a22 4500 445862793 CHVBK 20180317145448.0 cr unu---uuuuu 170323e20110801xx s 000 0 eng 10.1007/s10997-009-9113-x doi (NATIONALLICENCE)springer-10.1007/s10997-009-9113-x A review of hedge funds and their investor activism: do they help or hurt other equity investors? [Elektronische Daten] [Marguerite Schneider, Lori Ryan] Hedge funds tend to be highly activist investors who exercise their "principal power” over their portfolio firms. We observe that, compared to other investor types, hedge funds appear to be even more activist than is predicted by a comprehensive Investor Activism Model, due to the unexpectedly large role of several antecedent variables. This conclusion suggests that the relatively lightly regulated environment of hedge funds affects the weighting of conventional activism-antecedent variables. We explore how their access to several investing and trading strategies is allowing hedge funds to redefine investor activism. In the process, we find that, while hedge funds and their activism tend to benefit fellow investors, the potential exists for some specific hedge fund types to expropriate value from minority shareholders, creating "principal-principal” conflict. The potentially detrimental impact of hedge fund activism on other equity investors is demonstrated, illuminating several current policy concerns. Springer Science+Business Media, LLC., 2009 Investor activism nationallicence Hedge funds nationallicence Corporate governance nationallicence Agency theory nationallicence Schneider Marguerite New Jersey Institute of Technology, School of Management, University Heights, 07102-1982, Newark, NJ, USA aut Ryan Lori Department of Management, College of Business Administration, San Diego State University, 5500 Campanile Drive, 92182, San Diego, CA, USA aut Journal of Management & Governance Springer US; http://www.springer-ny.com 15/3(2011-08-01), 349-374 1385-3457 15:3<349 2011 15 10997 https://doi.org/10.1007/s10997-009-9113-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10997-009-9113-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Schneider Marguerite New Jersey Institute of Technology, School of Management, University Heights, 07102-1982, Newark, NJ, USA aut NATIONALLICENCE 700 1- Ryan Lori Department of Management, College of Business Administration, San Diego State University, 5500 Campanile Drive, 92182, San Diego, CA, USA aut NATIONALLICENCE 773 0- Journal of Management & Governance Springer US; http://www.springer-ny.com 15/3(2011-08-01), 349-374 1385-3457 15:3<349 2011 15 10997 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer