If you are interested in corporate governance, Bill Bratton's new paper, Hedge Funds and Governance Targets, is a must read. Bill presented the paper here last week, and it is an impressive first empirical project. The bottom line: hedge funds have had "an enviable record success in getting targets to accede to their demands, using the proxy system with remarkable, perhaps unprecedented, success," but returns from activism have been low, suggesting that "hedge fund activism is a more benign phenomenon than its critics would have us believe."

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