The Product Market Effects of Hedge Fund Activism

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Common-Ownership Concentration and Corporate Conduct (2018, background): “For example, evidence suggests activist engagement depends on other investors’ holdings and preferences (Kedia et al. 2016), whereas activism is known to lead to changes in product-market structure (Aslan & Kumar 2016).”
Ultimate ownership and bank competition (2016, unknown): “This selection effect becomes more severe when index funds can outvote smaller undiversified activist investors that would otherwise push firms to compete harder (Aslan & Kumar, 2016).”
Blockholders: A Survey of Theory and Evidence (2017, unknown): “Aslan and Kumar (2016) in turn find that these operating performance improvements have positive effects on the targeted firms’ rivals, leading to them responding by improving their own productivity, cost and capital allocation efficiency, as well as product differentiation.”