TY - JOUR T1 - The Rise and Fall (?) of Shareholder Activism by<br/>Hedge Funds JF - The Journal of Alternative Investments SP - 17 LP - 27 DO - 10.3905/jai.2012.14.3.017 VL - 14 IS - 3 AU - John Armour AU - Brian Cheffins Y1 - 2011/12/31 UR - https://pm-research.com/content/14/3/17.abstract N2 - Shareholder activism by hedge funds became a major corporate governance phenomenon in the United States in the 2000s. This article puts the trend into context by introducing a heuristic device referred to as “the market for corporate influence” to distinguish the ex ante-oriented “offensive” brand of activism hedge funds engage in from the ex post-oriented “defensive” activism carried out by mutual funds and pension funds. This article traces the rise of hedge fund activism and anticipates future developments, arguing in so doing that despite the blow the 2008 financial crisis dealt to hedge funds, their interventions will remain an important element of U.S. corporate governance going forward.TOPICS: ESG investing, mutual funds/passive investing/indexing, pension funds, financial crises and financial market history ER -