Founded on science

See below for a sample of leading research studies that inform our models.

Research
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Organization science cover

Volume 34, Issue 4 (July-August 2023)
CEOs who communicate too much control and independence from shareholders are disproportionately targeted by activists.

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Academy of management journal cover

Vol. 64, No. 3 (June 2021)
Companies that invest too heavily in long-term pursuits without demonstrating strong financial returns draw the attention of activists.

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Organization science cover

Volume 33, Issue 3 (May-June 2022)
The motives executives communicate in their conversations with shareholders influence their strategic responses to short seller activism.

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Organization science cover

Volume 35, Issue 2 (March-April 2024)
Boards that are too demographically diverse can increase targeting by activist shareholders

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Strategic management cover

Volume 41, Issue 13 (December 2020)
Target companies are more likely to settle with activists that are known for being confrontational.

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Organization science cover

Volume 34, Issue 4 (July-August 2023)
Activists that express more confidence in their letters to management are more likely to succeed in their campaigns.

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Journal of management cover

First published online (May 29, 2024)
Activists tend to withdraw demands from companies whose target management and boards exhibit communication styles similar to their own.

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Journal of economics cover

Volume 141, Issue 1 (July 2021)
Companies with female CEOs are more likely to be targeted by activists than those with male CEOs.

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Academy of management journal cover

Volume 63, Issue 6 (December 2020)
Companies consolidate and scale back growth initiatives following shareholder activism.

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Volume 39

Volume 39, Issue 6 (November–December 2020)
Hedge fund activism can increase the likelihood of CEO turnover.

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Volume 107

Volume 107 (October 2019)
Activist involvement can improve share repurchase decisions.

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