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ON A CRISP NIGHT LAST FALL IN THE ARIZONA DESERT, I stood amid sand and scrub at the intersection of Valencia and Kolb on the outskirts of Tucson and beheld [...]

We study whether fund managers' industry experience is an important source of value creation in hedge fund activism. We find that the targets of industry-expert fund managers realize higher activism announcement returns and better operating performance, particularly when fund managers' industry expertise is more valuable for targets. These targets also engage in more focused acquisition and divestiture activities in industries where fund managers have experience, allocate more employees to these industries, and cut investments more in the postacquisition period. The superior performance of targets of industry-expert fund managers is robust to controlling for the endogeneity concern and the attrition bias. KEYWORDS acquisition, announcement return, hedge fund activism, hedge fund manager, industry experience, operating performance, target, 1 INTRODUCTION The literature shows that targets of hedge fund activism realize positive and significant abnormal returns around Schedule 13D filings. However, the source of this value gain in hedge [...]

IT WAS ONLY ONCE chants of 'globalize the intifada' started disrupting classes and harassing students that you suddenly became a stalwart for free speech. Do you understand why that's troubling [...]

I KNEW things had taken a dire turn when a colleague sent an image of the gates to Auschwitz. Except instead of Arbeit machtfrei ('Work Sets You Free'), the sign [...]

Editor's note: This is one of a series of daily articles we will be publishing in the run-up to the first anniversary of Russia's invasion of Ukraine on February 24th. [...]

Civil-society activism in Africa can sometimes seem like an exercise in empty sloganeering: 'mobilising the grassroots', 'empowering the youth', and so on. Not in Sudan, where in recent years thousands [...]

Byline: by Suzanne Sataline Illustrations by Joan Wong THE THINGS THEY CARRIED Laser pointers. Umbrellas. Plastic ties. During Hong Kong's mass protests in the summer of 2019, the city's youth [...]

One of the last Gilbert and Sullivan comedic operas staged in London, Utopia Limited, satirized various aspects of Victorian life. Its chief target was the increasing domination of the joint-stock [...]

THERE'S A TENDENCY to dismiss artistic gestures created in the white heat of the political present--they don't rise above the complexities of their moment or have anything to say to [...]

What is Carl Icahn's beef with McDonald's? F OR MOST of his life Carl Icahn was vilified for his abrasive personality and his activism as an investor. His mother said [...]

One remarkable feature of Donald Trump's constantly surprising tenure is this: he is a professed nonreader whose presidency just might launch a thousand books. 'It seems like there was a [...]

Maria Simpson will never forget watching Hillary Clinton's 2016 concession speech on her office computer as students and faculty crowded around the screen. 'People were weeping,' recalls Simpson, director of [...]

'TAKE POWER, but differently.' This exhortation--one of a series of resonant proposals at the core of political theorists' Michael Hardt and Antonio Negri's new book, Assembly--could hardly be more timely. [...]

In the wake of the 2017 Women's March and the ubiquitous handmade pink knit hats that were its most distinguishing visual feature, it's no surprise that craftivism--the intersection of crafting [...]

The annual 'We Are Girls' conference, held at a high school in Austin, Texas, offers sessions such as 'Robotics and You', 'My Changing Body' and 'Divas and Diversity'; the girls [...]

In the last decade of the 18th century, amid the abundance of the Age of Enlightenment and the Industrial Revolution, 300,000 people in Britain gave up sugar. The Quakers were [...]

Have we reached peak woke? In Hollywood, that seems to be the emerging consensus. Thanks to the box office success of Top Gun: Maverick and the disappointing performance of Pixar's [...]

STUDENTS PARADE in blackface one day. A faculty member tweets inflammatory rhetoric the next. An activist group mounts a protest over campus climate, or sexual assault. The incidents come so [...]

History shows that the college campus is an incubator for student activism, ranging from staging protests or demonstrations to sharing an op-ed or call-to-action speech. Today's college students are courted [...]

A new group is harnessing public disillusionment with politics A GROUP OF protesters gathered outside Tony Abbott's constituency office on Sydney's north shore. They wore party hats and cut a [...]

Gauri Lankesh usually worked late on Tuesday nights. The exuberantly leftist weekly newspaper she edited, Gauri Lankesh Patrike, went to press on Wednesdays, and she had to finalize the articles. [...]

Q: Two years ago I started a community campaign to save a local amenity from closure. Initially we managed to distribute the work between a number of activists, but now [...]

It is estimated that more than 5,000,000 people worldwide participated in marches on Jan. 21, gathering together to show support for women's rights, reproductive rights, gender and racial equality, and [...]

The social scientist Neil Gross made a splash last year with his book Why Are Professors Liberal, and Why Do Conservatives Car el, which, among other things, attempted to refute [...]