Filings, Insiders & OwnershipExtended setexperimental liveNew

Activist Purpose Aggressive Long

Updated eventData needs: 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 →

In plain terms

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.

How it works

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.

Live results

0 times picked on its own · 3 times inside a blend (3 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 3 such blended picks (3 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

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

Expected edge

Reported return: +5-8% over 6-12mo
Tested over: 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 DriftFilings, Insiders & Ownership

When a hedge-fund activist (Elliott, Pershing, Starboard, etc.) discloses a brand-new stake in a company for the first time, the stock typically drifts upward for 2-3 months as the market prices in expected operational or governance changes.

Proxy Contest DriftCompany Events & Earnings

Proxy fight → +6-8% over a year.

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