Publications

12 Jul 2016
News

The Fastest-Growing Cause for Shareholders Is Sustainability

09 Aug 2013
News

Beyond Ackman, JCP Fights for Survival

2016
Working Paper

Consequences to Directors of Shareholder Activism

By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan

Using a comprehensive sample for 2004–2012, we examine the impact of shareholder activist campaigns on the careers of directors of targeted firms. We find that activism is associated with directors being almost twice as likely to leave—and performance-sensitivity of... View Details

Keywords: Shareholder Activism; Hedge Funds; Independent Directors; Director Reputation; Accountability; Shareholder Voting; Voting; Retention; Investment Funds; Management Teams; Investment Activism

Read Now

13 May 2020
Video

Cas Coovadia

Cas Coovadia, the long-running Managing Director of the Banking Association South Africa, discusses his transition from being a political activist opposing banks during the era of apartheid, into a strong... View Details

2007
Working Paper

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Corporate Governance

Read Now

14 Jul 2023
Blog Post

Building a Culture of Awareness and Accountability in your Organization

For Danika Manso-Brown (HGSE ’18), the life of an activist was one she was born into and one she has made her own. “My parents met organizing a labor union, so the work of creating justice and thinking about humanity was a central part of... View Details

Keywords: All Industries

2018
Working Paper

Hot or Not? What Makes Product Categories Attractive to Fair Trade and Eco-labeling Organizations

By: Kristin Sippl

This paper probes extant theory on product diversification in the empirical realm of fair trade and eco-labeling organizations (i.e., certification organizations). While much is known about diversification in for-profit firms, less is known about the more complex... View Details

Keywords: Hybrid Organizations; Fair Trade; Eco-labeling; Goods and Commodities; Diversification; Strategy

Read Now

16 May 2011
News

Multinationals under fire from campaigning

01 Apr 2011
News

High-tech tools for change

28 Mar 2017
News

Japan’s Misaki Capital teaches Harvard about taking the long view

September 2010 (Revised February 2013)
Background Note

The Cage-Free Egg Movement

By: Michael W. Toffel and Stephanie van Sice

Describes the social movement confronting conventional egg production techniques (battery cages) based on animal welfare concerns, and some merits and drawbacks of cage-free alternatives. Highlights animal rights activist campaigns, political and regulatory responses,... View Details

Keywords: Animal-Based Agribusiness; Governing Rules, Regulations, and Reforms; Rights; Supply Chain Management; Natural Environment; Social Issues; Competitive Strategy; Agriculture and Agribusiness Industry

November 2006 (Revised July 2021)
Case

Kerr-McGee

By: Robin Greenwood and André Perold

Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their... View Details

Keywords: Investment Activism; Restructuring; Equity; Investment; Management; Governance Controls; Corporate Strategy; Chemical Industry; Energy Industry; United States

Person Page

Presentations and Government Testimony

By: Robin Greenwood

Activist Investors

Prepared testimony before the Subcommittee on Railroads, Pipelines, and Hazardous Materials; Committee on Transportation and Infrastructure; US House of... View Details

April 2023
Case

Elliott Management: Capital Allocation in Biopharma

By: Amitabh Chandra, Paul Clancy and Lauren Gunasti

The case explores the intersection of capital allocation and shareholder activism in the biopharmaceutical industry. As many biopharma companies face looming patent expirations for key medicines, the case asks the question of whether investing in R&D and M&A is an... View Details

Keywords: Finance; Strategy; Capital Allocation; Biopharmaceutical Industry; Shareholder Activism; Investment Activism; Resource Allocation; Research and Development; Business and Shareholder Relations; Corporate Strategy; Pharmaceutical Industry

2007
Other Unpublished Work

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Corporate Governance

SSRN

03 Jul 2017
News

Will shareholder pressure reshape company policies?

January 2020 (Revised April 2020)
Case

Fossil Fuel Divestment (Abridged)

By: Michael W. Toffel and Sarah Gulick

The president of Harvard University is facing growing pressure from students, alumni, and other climate change activists that are urging the university to divest its multi-billion dollar endowment from fossil fuel companies. The case summarizes the arguments for and... View Details

Keywords: Divestment; Harvard University; Higher Education; Corporate Social Responsibility and Impact; Environmental Sustainability; Climate Change; Public Opinion; Ethics; Education Industry