Contenu pour le mot clé: Activisme

27 avril 2016

« Activist hedge funds come to Japan »

« From Japan Today comes an interesting column by Yvan Allaire and Francois Dauphin: Now foreign investors, holding over 30% of their shares, are unrelenting in their pressure for Japanese companies to adopt American-style governance. New governance codes have been written and Japanese stock exchanges are pushing for their implementation. Foreign money managers and institutional investors […]

20 avril 2016

« Japan discovers « good » corporate governance, American style »

« Not so long ago in an age when they were eating the lunch of American corporations, the Toyotas, Hitachis, Sonys, Canon, Hondas were governed in the worst possible way, at least according to the canons of American governance. Their boards were made up almost exclusively of corporate insiders, with no independent directors, no diversity, […]

24 février 2016

Conférence du président exécutif du conseil à l’Association du Barreau Canadien

Le professeur Yvan Allaire, président exécutif du conseil de l’IGOPP, prendra part à un déjeuner-causerie organisé par l’Association du Barreau canadien portant sur la rémunération des administrateurs. Conférenciers: Yvan Allaire, Ph. D. (MIT), FRSC Président exécutif du conseil d’administration, IGOPP Marie Giguère Première vice-présidente Affaires juridiques et secrétariat, Caisse  de dépôt et placement du Québec Stéphane Rousseau, S.J.D., LL.M. […]

26 janvier 2016

« Hedge Fund Activism: A Guide for the Perplexed »

« The message of the Dow/DuPont merger and split up is simple: No firm is today “too big to target.” Activists can see the transaction as evidence that, even in the rare case where they lose a proxy fight (as they did at DuPont last year in a squeaker), the handwriting is still on the […]

8 décembre 2015

« Is 2015, Like 1985, an Inflection Year? »

« In an October 2015 post, I posed the question: Will a New Paradigm for Corporate Governance Bring Peace to the Thirty Years’ War? As we approach the end of 2015, I thought it would be useful to note some of the most cogent recent developments on which the need, and hope, for a new […]

9 novembre 2015

« The game of « activist » hedge funds: Cui bono? »

« This article aims to describe the contemporary objectives and tactics of activist hedge funds as well as the actions taken by the targeted companies as a result of their intervention. In this research, we explore the consequences of activism over time (impact on operational performance and share price returns) and compare these with a random sample of […]

9 novembre 2015

« The game of ‘activist’ hedge funds: Cui bono? »

« This article aims to describe the contemporary objectives and tactics of activist hedge funds as well as the actions taken by the targeted companies as a result of their intervention. In this research, we explore the consequences of activism over time (impact on operational performance and share price returns) and compare these with a random sample […]

2 novembre 2015

Les fonds « activistes » sont-ils utiles aux entreprises ?

Les fonds d’investissement dits « activistes » sont l’objet d’une grande attention de la part des médias. Les protagonistes les plus en vue sont traités comme des stars : leurs photos se retrouvent en couverture des plus prestigieux magazines américains, et on sollicite leurs avis sur tous les enjeux économiques. Nouveaux rois de la finance pour certains, sombres […]

15 octobre 2015

« Allaire & Dauphin on hedge fund activism »

« Yvan Allaire and François Dauphin return to a topic on which they have been active and important commentators and analysts; namely, hedge fund activism. Specifically, they report on a new study they conducted: « We … explored, among other things, the consequences of activism over time when compared to a random sample of firms with […]

14 octobre 2015

« The Game of « Activist » Hedge Funds: Cui Bono ? »

« Over the last few years, hedge fund activism has received a great deal of coverage in financial media (and in the mainstream press), has triggered heated debates and been the focus of much academic research. Saviour of capitalism for some, for others, activist hedge funds are but mongers of short-term tactics which eventually damage business […]

9 octobre 2015

« The Case For And Against Activist Hedge Funds »

« Activist hedge funds can count on a number of supporters in academia and in the media rising up in defense of their actions. No doubt activist hedge funds have found their most persistent academic supporters in Professor Lucian Bebchuk of the Harvard Law School and his co-authors. In several papers, but most particularly in […]

8 octobre 2015

Déconstruction de l’activisme requin

Les fonds de couverture activistes ne sont pas les sauveurs des entreprises, ni à court ni à long terme, réitère Yvan Allaire. Yvan Allaire et François Dauphin affirment avoir exploré les effets de l’activisme au fil du temps, en les comparant à l’évolution d’un échantillon aléatoire de sociétés ouvertes qui avaient des caractéristiques semblables au […]

8 octobre 2015

L’âpre jeu des fonds de couverture « activistes » : Cui bono ?

Au cours des dernières années, les médias financiers (tout comme la presse grand public) ont souvent abordé l’activisme des fonds de couverture, sujet qui a donné lieu à des débats houleux et a fait l’objet de bon nombre de travaux de recherche universitaire. S’ils sont les sauveurs du capitalisme pour certains, pour d’autres, les fonds […]

6 octobre 2015

« Can A New Paradigm For Corp Governance End A 30 Years War? »

« The decades-long conflict that is currently raging over short-termism and activist hedge funds strikes me as analogous to the Thirty Years’ War of the 17th Century, albeit fought with statistics (“empirical evidence”), op-eds and journal articles rather than cannon, pike and sword. I decided, after some thirty-six years in the front line of the […]

5 octobre 2015

« Will a New Paradigm for Corporate Governance Bring Peace? »

« The decades-long conflict that is currently raging over short-termism and activist hedge funds strikes me as analogous to the Thirty Years’ War of the 17th Century, albeit fought with statistics (“empirical evidence”), op-eds and journal articles rather than cannon, pike and sword. I decided, after some thirty-six years in the front line of the […]

13 septembre 2015

« The Game Of ‘Activist’ Hedge Funds: Cui Bono? »

« This paper aims to describe the contemporary tactics and objectives of activist Hedge Funds as well as the actions taken by targeted companies as a result of their intervention. While doing so, we explored the consequences of activism over time when compared to a random sample of firms with similar characteristics at the time of […]