The Long-Term Effects of Hedge Fund Activism.┬áLucian Bebchuk, June 2015, Paper. “We test the empirical validity of a claim that has been playing a central role in debates on corporate governance–the claim that interventions by activist hedge funds have a negative effect on the long-term shareholder value and corporate performance. We subject this claim to a comprehensive empirical investigation, examining a long five-year window following activist interventions, and we find that the claim is not supported by the data…Link