Las actuaciones de los Activist Investors ha sido una constante durante los últimos años. Aunque hay mucho que comentar sobre el tema Activist Investors, este post es para recomendar un par de papers centrados en el impacto a medio- largo plazo de las acciones de los Activist Investors en las empresas y en el resto de accionistas y stakeholders.

A mi modo de ver, la parte positiva de estos dos papers, ambos llevados a cabo por profesores y universidades de prestigio, son las visiones diferentes que nos aportan. Por un lado, Coffee Jr.-Palia nos proponen en su paper del 2015 titulado “The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance” una visión mixta del efecto de los Activist investors:

“Although some view this trend optimistically as a means for bridging the separation of ownership and control, we review the evidence and find it far more mixed. In particular, engagements by activist hedge funds appear to be producing a significant externality: severe cut-backs in long-term investment (and particularly a reduction in investment in research and development) by both the targeted firms and other firms not targeted but still deterred from making such investments.”

Por otro lado, recomendar el paper “The Long-Term Effects of Hedge Fund Activism”, 2015, Bebchuk-Brav-Jiang, en el que afirman:

“We find no evidence that activist interventions, including the investment-limiting and adversarial interventions that are most resisted and criticized, are followed by short-term gains in performance that come at the expense of long-term performance. We also find no evidence that the initial positive stock-price spike accompanying activist interventions tends to be followed by negative abnormal returns in the long term; to the contrary, the evidence is consistent with the initial spike reflecting correctly the intervention’s long-term consequences. Similarly, we find no evidence for pump-and-dump patterns in which the exit of an activist is followed by abnormal long-term negative returns.”

El caso es que las actuaciones de los Activist Investors han sido muy discutidas por la opinión pública por los efectos negativos que podrían tener en los intereses a largo plazo de las compañías que tomaban por objetivo.

Sea cierto o no, lo que si puede ser necesario es que éstos faciliten mejores explicaciones a los accionistas y sociedad. Es probable que éste haya sido el motivo por el cual se haya creado un lobby en el que se publican interesantes artículos relacionados con los Activist Investors. Se trata de http://www.investorrights.org/ .

Según comenta su Mission Statement: “CIRCA’s mission is to get out the facts about activist investing and the role activist investors play in our economy. Activist investors directly benefit all public shareholders, including the investment vehicles for all of the country’s stock based savings vehicles, such as mutual funds and public and private pension funds.”

Así pues, ya tenemos lectura para el fin de semana. Espero que os haya sido de interés.

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