Event#163tier 1live in productionNew

`13d activist filing drift`

cadence: Dailydata: mediumlong only

2008

Brav, A., Jiang, W., Partnoy, F., Thomas, R. (2008). "Hedge Fund Activism, Corporate Governance, and Firm Performance." Journal of Finance, 63(4), 1729-1775.

Read the paper →

What it checks

Activist 13D filing → +12% over 2 years.

Mechanism

SC 13D filings (>5% stake with activist intent) earn ~7% event CAR + ~5% drift 12-24m.

No production champion data for this family yet. Stats appear once the discovery pipeline promotes at least one strategy with this family tag.

Signal rule

long between days 30-720 post-SC 13D; hold 60/120/365d

Data dependencies

sec_13d_filings
Worker data table — see services/worker schema.
daily_prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.

Expected edge

Paper alpha: ~+12% CAR
Paper window: T+30d to T+720d

Brav et al 2008: ~12% combined CAR.

Example tickers where this is likely to fire

DIS TWTR MCD PCG KSS

Illustrative only — the signal fires based on the live data, not a fixed list.

Related families

proxy contest driftEvent

Proxy contests (DFAN14A) earn ~6-8% CAR over [-20, +250].

item 502 executive departureEvent

8-K Item 5.02 (Departure/Appointment of Officers). Fee et al find ~-3% abnormal return on the 8-K filing window, holding through 60d. Forced departures stronger (-5% to -15%).

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13d activist filing drift