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Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World
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From the Back Cover
PRAISE FOR EXTREME VALUE HEDGING "An intelligent, well-researched, and very useful book. Experts and laymen alike will find it eye-opening." —JEFFREY H. BIRNBAUM, The Washington Post "Love them or hate them, activist hedge funds are having a significant impact on the American and global corporate economies. Ron Orol's detailed and thoughtful book is required reading for anybody who wants to understand what these funds are, how they work, and the various good and bad effects they can have on corporate performance." —LAWRENCE E. MITCHELL, Theodore Rinehart Professor of Business Law at George Washington University, author of The Speculation Economy "Provides breadth, insight, and a worldwide perspective on one of our most dramatic capital market developments—the rise of the activist hedge fund. The book is essential reading for those who want to understand the current economic scene." —HARVEY J. GOLDSCHMID, Dwight Professor of Law at Columbia Law School, former SEC Commissioner (2002-05) "Ron Orol's deep network of contacts and his insight into shareholder activism make this book a must for anyone seeking to understand these enfants terribles of the capital markets." —BOYD ERMAN, Capital Markets Reporter, The Globe and Mail "A fascinating read on the David and Goliath interaction between a small group of activist investors and corporations of all sizes worldwide. Orol spares no details as he unlocks the secrets of how activist shareholders create dramatic change in today's global investment marketplace." —JAMES G. TOMPKINS, PhD, Director of Board Advisory Services, Corporate Governance Center,Kennesaw State University
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About the Author
RONALD D. OROL is a financial reporter for MarketWatch, where he reports on hedge funds, banking regulation, and also the Securities and Exchange Commission. Prior to MarketWatch, Orol spent seven years as a senior writer for The Deal and The Daily Deal, covering the activist hedge fund industry as well as other topics. He is also a commentator on BBC World Television, CNBC TV, CTV, and National Public Radio. In addition, Orol regularly organizes and moderates panels on hedge funds and banking regulation. Prior to his work at The Deal, he was a reporter with Dow Jones Newswires and the Washington correspondent at the Providence Journal. Before moving to Washington, Orol spent three years as a business and finance reporter for the Prague Post in the Czech Republic. While in Prague, he also reported for Southam Newspapers, the Montreal Gazette, and the Toronto Star on Eastern European privatization and the political transformation of the region. Orol earned his bachelor of journalism honors degree from Carleton University in Ottawa, and received a business and economics journalism master's degree from Boston University, where he graduated with distinction.
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Product details
Paperback: 370 pages
Publisher: Wiley; 1 edition (September 28, 2009)
Language: English
ISBN-10: 9780470450246
ISBN-13: 978-0470450246
ASIN: 047045024X
Product Dimensions:
6 x 1.1 x 9 inches
Shipping Weight: 1 pounds (View shipping rates and policies)
Average Customer Review:
3.9 out of 5 stars
9 customer reviews
Amazon Best Sellers Rank:
#185,788 in Books (See Top 100 in Books)
The book is packed with events but not much analysis.It shows some war stories but the book seems to lack structure and analysis.It's more like reading different long news stories.You get some information about activists but I suggest reading the actual 13D filings to get the real insights about hedge fund activism.
To some, activists are a flock of locusts destroying all what comes in their way. Others see them as champions of the rights of owners and slayers of corporate waste and inefficiency. In 2000 Financial journalist Ronald Orol got assigned to the task of scanning the SEC filings called 13D to scout for news. These filings, where activists describe the strategic options they propose to companies paved the way for a carer reporting on a growing segment of the financial markets and further for this book. Having interviewed more than 50 investors Orol aims to clarify the activist investors' strategies and to explain how they think and operate. A second goal is to clarify many of the flourishing misperceptions around activists.In the author's own words this three part book is a patchwork of narratives. Part one simply describes the activist investors themselves including the American history where today's activists emanated from the corporate raiders of the 1980s, many of the most prominent practitioners and the tools they use or niches they occupy; the goal of increasing shareholder value (or in some cases simply the shorter term share price); how they have come to work more in groups - or wolf packs as Orol calls them; the type of companies and topics targeted plus the US regulatory playing field. This is done in a number of chapters covering one topic that is then exemplified by a number of real life stories collected in the interviews. The next segment covers the relationship between activists and institutional investors. On the one hand institutions are the ones funding most activists as they have shown to generate good returns that are often relatively uncorrelated to those generated by the institution itself. Activists are also at times seen as those who have the resources and skills to fight for the same shareholder rights that institutions cherish but either cannot or will not champion as openly. This gives activists invaluable firepower when pressing corporations for change. On the other hand the relationship at times turns sour when activists take a too short-term stance and try to force actions that potentially hurt the long term value of companies. As the institutions will be owners long after the wolf pack has moved on this is clearly not in their interest. The last section is called Activism 2.0 supposedly pointing to future developments but is rather a hodgepodge of other related topics including amongst others an interesting chapter on the relationship between value investing and activist investing and an overview of international markets.My main problem with the structure of this book is that although it is packed with short war stories and name-dropping, it lacks analysis, structuring and conclusions drawn from the material. As a reader you find yourself wanting to take a step back to see a fuller picture and to understand the direction of the book. Without this the text becomes a bit uninteresting. Also, I somewhat thinks the book misses to portray the more operational and strategic changes that activists try to accommodate. All too often the activist agenda is described as either trying to apply leverage to the corporate balance sheet and distribute the cash to shareholders or simply trying to force companies to put themselves up for sale. Even so, the book gives a number of valuable insights into the large international differences when it comes to shareholder rights where the corporate governance in the US is very much staged in favour of management instead of the shareholder.All in all this is one of very few books on a fascinating subject but it could have been better crafted.This is a review by investingbythebooks.com
I've been working with companies under attack from activist hedge funds since 2001 and this is the first book I've come across worth reading on the subject. Orol has done a nice job compiling the things that really matter - from the strategy and tactics used by some of the most proficient activists through the changing SEC rules and broader use of technologies that will make defending against these insurgents much more difficult in the near future.If you're looking for a "lifestyle" perspective on the quirky behavior and actions often written about activist hedge fund managers, you'll have to look elsewhere.
Ron Orol has written a thoughtful and provocative book that gives an inside view into the world of activist hedge funds and how they are transforming the business world. Not since the "greenmailers" of the 1980s have corporate boards of directors and managers been so challenged by activist shareholders. The book explores the different kinds of thinking and strategies employed by activist funds and the challenges they pose to corporate insiders. "Extreme Value Hedging's" extensive analysis, documentation and insight are invaluable in understanding this new world. The book should be required reading for anyone trying to understand corporate governance dynamics in the 21st century.Owen Kurtin
author does a very thorough job citing quantitative analysis and primary sources of information on a variety of activist situations and topics.however, IMO book could have used some better editing and sequencing. chapters frequently reference those same academic research and primary sources and in each chapter we are introduced to those sources as if it was the very first time they were mentioned. the upside to this is that chapters can stand on their own. the downside is that chapters don't flow, can be more lengthy than necessary, and leads you to wondering if this book could have been better organized.
This thoroughly researched book is a good introduction to the arena of hedge fund activism. The chapters are sprinkled with examples from the activist playbook - and the tactics of companies dealing with an activist uprising.The writing is even-handed and the anectodes -- especially the several regarding public-pressure campaigns by activist managers -- make for engaging reading.
This is a great distillation of what is happening all around us in the world of activist fund management. While the book is highly accessible to the average reader, the behind the scenes glimpse at the personalities and strategies in the activist fund world are a treat for anyone with an interest in finance/investing.
Very useful book for those trying to understand how activism works today. Great detail and use of examples.
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