榨取价值的局外人

William Lazonick, Jang-Sup Shin
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引用次数: 0

摘要

本章揭露了一种特别激进的激进股东,对冲基金激进分子,他们准备利用代理投票和参与规则的变化来增强他们的价值提取能力,并建立私人“战争基金”,以进一步增强他们的价值提取能力。它考察了对冲基金激进主义的演变和现状。在解释了这一现象的起源和扩展之后,本文特别研究了卡尔•伊坎从最具代表性的公司掠夺者到最“成功”的对冲基金积极分子之一的转变,以便生动地描绘新的价值提取局外人的特征和方法。它还研究了对冲基金积极分子和机构投资者之间的“共同投资”是如何进行的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Value-Extracting Outsiders
This chapter exposes a particularly aggressive species of activist shareholder, hedge-fund activists, who are ready to take advantage of changes in proxy-voting and engagement rules to enhance their value-extracting power and to build private “war chests” that serve to enhance their value-extracting power even more. It examines the evolution and the current state of hedge-fund activism. After explaining this phenomenon’s origin and expansion, it investigates in particular Carl Icahn’s transition from the most representative corporate raider to one of the most “successful” hedge-fund activists in order to delineate vividly the characteristics and methods of the new value-extracting outsiders. It also examines how “co-investments” between hedge-fund activists and institutional investors are carried out.
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