Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272232 
Year of Publication: 
2023
Publisher: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
Abstract: 
We conduct a meta-analysis of 1,973 estimates of stock price responses to shareholder activism reported in 67 primary studies. We document publication bias in the literature. Corrected activism effects range from 0% to 1.5%. Effects are stronger when shareholder rights are better protected and when stock markets are smaller. Markets respond more positively to activism by individual investors, confrontational activism, and activism aimed at company sale. Estimates based on longer periods, simpler risk-adjustment approaches, more recent and longer datasets, as well as those published in more reputable journals tend to be larger.
Subjects: 
shareholder activism
price response
value created
meta-analysis
publication bias
model averaging
JEL: 
G14
G30
G34
L20
Document Type: 
Working Paper

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