Abstract
An activist hedge fund's objective is to accumulate enough ownership in a targeted company to influence change. However, change is not always positive. There is disagreement on whether hedge fund shareholder activism makes companies stronger or merely generates short-term gains that principally benefit the activist at the expense of long-term shareholders. This chapter focuses on activist hedge funds and the corporate governance issues behind their activities. Four exemplifying activist hedge fund strategies are presented: CSX versus TCI, Daniel Loeb versus InterCept, Inc., Carl Icahn versus Yahoo!, and Bill Ackman versus McDonald's, Wendy's, Ceridian, Target, and MBIA.
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