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13d Activist Filing Drift

Updated dailyData needs: 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.

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In plain terms

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

How it works

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

Live results

0 times picked on its own · 15 times inside a blend (11 beat the stock) · updated 2026-07-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 15 such blended picks (11 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

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Data dependencies

SEC 13d filings
A data feed this strategy reads, refreshed on its normal schedule.
Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.

Expected edge

Reported return: ~+12% CAR
Tested over: 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 DriftCompany Events & Earnings

Proxy fight → +6-8% over a year.

Item 502 Executive DepartureCompany Events & Earnings

When a company files an 8-K under Item 5.02 (executive departures, but also appointments and pay changes), this strategy bets the stock underperforms over the next 20-90 days. Most 5.02 filings are routine, so the edge is a per-ticker hypothesis tested by our validation gates, not an established research result.

Explore 13d Activist Filing Drift on alphactor.ai

See which tickers this family is currently firing on, with live signals and rankings.

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