You are previewing Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World.
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Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World

Book Description

Activist hedge fund managers represent a small part of the $1.5 trillion hedge fund industry, but their approach is causing a stir among traditional managers and the investment community because they are shaking up the corporate establishment and making money for their investors. These types of managers are here to stay and Extreme Value Hedging tells the story of their rise to power in the U.S. and how they are spreading their influential gospel around the globe to places like China, Ukraine, South Korea and Sweden. Author Ronald D. Orol has a unique understanding of this world and through this book he shares his unparalleled insights in an easy to comprehend manner. He discusses everything from activist investor efforts to breakup the clubby insider world of corporate boardrooms to their deal-making or breaking pressure tactics and courtroom battles. Orol skillfully makes his case for each subject by offering revelations and examples from insiders like Ralph Whitworth, (Relational Investors), Guy Wyser-Pratte, (Wyser-Pratte Management), Mark Schwarz, (Newcastle Capital Group LLC), Robert Chapman (Chapman Capital), Phillip Goldstein (Opportunity Partners), Jeffrey Ubben (ValueAct Capital), Jeffrey M. Solomon (Ramius Capital Group LLC), Michael Van Biema (Van Biema Value Partners), Eric Rosenfeld (Crescendo Partners), Lars Förberg (Cevian Capital) and Emanuel Pearlman (Liberation Investment Group), among many, many others.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Dedication
  5. Contents
  6. Preface
  7. Acknowledgments
  8. Introduction
  9. PART ONE: FROM RAIDERS TO ACTIVISTS AND EVERYTHING IN BETWEEN
    1. Chapter 1: Growth of Activism and Why Corporate Raiders Aren't Around Anymore
      1. Factor 1: Asset Explosion
      2. Factor 2: Deal Flow
      3. Factor 3: Private Equity Funds
      4. Factor 4: Fraud
      5. Factor 5: Historical Context
    2. Chapter 2: Nuts and Bolts
      1. From Value Investing to Proxy Contests and Other Activist Tactics
    3. Chapter 3: The Pack
    4. Chapter 4: How Activists Use Litigation to Pursue Their Agenda
      1. The Group Problem
    5. Chapter 5: Why Activists Target Certain Corporations and Leave Others Alone
      1. Fending Off Activists: A New Corporate Agenda
    6. Chapter 6: Overperked and Overpaid
    7. Chapter 7: Hedge Specialization
    8. Chapter 8: Regulation and Activists
  10. PART TWO: INSTITUTIONAL INVESTORS AND ACTIVISTS
    1. Chapter 9: Institutional Investors on Activist Hedge Funds
    2. Chapter 10: Activists Taking on Large Corporations Must Have Institutional Support
    3. Chapter 11: Institutions and Activist Hedge Funds
    4. Chapter 12: Just Vote No and No and No Again
    5. Chapter 13: Institutions Changing Corporate Bylaws so Activist Hedge Funds Can Get Down to Business
    6. Chapter 14: Can't Be Them? Then Fund Them
    7. Chapter 15: Institutions Behaving Like Activist Hedge Fund Managers
  11. PART THREE: ACTIVISM 2.0
    1. Chapter 16: Technology, Communications, and Activists
    2. Chapter 17: When Is an Activist Fund Really a Private Equity Fund, and What's the Difference?
      1. To Bid but Not to Buy
      2. Hedgies Set Up Funds to Buy Companies
    3. Chapter 18: Funds of Hedge Funds Stake Out Activists
      1. Concentration: Good or Bad?
      2. Due Diligence
    4. Chapter 19: Distressed Investing
      1. Loan to Own
    5. Chapter 20: Hedge Activists in Western Europe, Asia, and Canada
      1. Japan
      2. South Korea
      3. Canada and Its Bailiwick
    6. Chapter 21: East Meets West: Hedge Activism Goes Global to Emerging Markets
    7. Chapter 22: Value Investing versus Activism
    8. Conclusion: Saturation or No Saturation?
  12. Notes
    1. Introduction
    2. Chapter 1
    3. Chapter 2
    4. Chapter 3
    5. Chapter 4
    6. Chapter 5
    7. Chapter 6
    8. Chapter 7
    9. Chapter 8
    10. Chapter 9
    11. Chapter 10
    12. Chapter 11
    13. Chapter 12
    14. Chapter 13
    15. Chapter 14
    16. Chapter 15
    17. Chapter 16
    18. Chapter 17
    19. Chapter 18
    20. Chapter 19
    21. Chapter 20
    22. Chapter 21
    23. Chapter 22
  13. About the Author
  14. Index