Insider & Flow#403tier 2experimental liveNew

`activist purpose aggressive long`

cadence: Eventdata: lowlong only

2015

Bebchuk, L. A., Brav, A., Jiang, W. (2015). "The Long-Term Effects of Hedge Fund Activism." Review of Financial Studies 28(11), 2723-2768.

Read the paper →

What it checks

When an activist files a 13D with aggressive language (proxy contest, demand strategic alternatives, push for board seats), the post-filing drift is stronger than for passive 13D filings. Mining the purpose text isolates the value-creating subset.

Mechanism

13D filers explicitly signaling aggressive intent (proxy contest, strategic alternatives, board representation, letter to the board, tender offer) earn ~3-5% incremental drift over the plain 13D event window. The aggressive subset is empirically the value-creating leg; passive investment-purposes 13Ds are indistinguishable from 13G in drift.

No production champion data for this family yet. Stats appear once the discovery pipeline promotes at least one strategy with this family tag, or once a multi-family blend that includes it earns a champion slot.

Signal rule

13D filing where purpose text contains aggressive-intent keywords fires LONG T+1, hold 60/120/365d.

Data dependencies

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

Expected edge

Paper alpha: +5-8% over 6-12mo
Paper window: T+1 to T+365d

Bebchuk-Brav-Jiang 2015; +5-8% incremental over plain 13D drift over 6-12mo.

Related families

hedge fund activist target driftInsider & Flow

Narrower than the existing activist_13d_drift family (#163): filters investor_filings to hedge-fund-style activists (Elliott, Pershing Square, Starboard, etc.) and only emits a signal when the filing is genuinely new for that investor on this ticker (no prior filing in 365 days). BJPT 2008 document the ~7% drift over 60-90 days post-disclosure.

proxy contest driftEvent-Driven

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

Explore `activist purpose aggressive long` on alphactor.ai

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

Open universe with this filter →Browse all 406 families

activist purpose aggressive long