Filings, Insiders & OwnershipExtended setInactiveNew

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.

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In plain terms

Legacy truncated-purpose proxy remains guarded; a native complete-purpose successor restores its original keyword and holding rules.

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.

No live results for this strategy yet. Charts appear once it has earned a top spot on at least one stock, either on its own or as part of a blend of several strategies.

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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

Complete 13D purpose keyword driftFilings, Insiders & Ownership

Follow published ownership filings whose complete purpose text contains the original keywords.

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