Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Abstract Research Question/Issue This study examines activism campaigns where multiple activists simultaneously target the same firm—which we term clustered shareholder activism. Despite the growing influence of shareholder activism on corporate governance, the clustered activism phenomenon has previously only been addressed indirectly, anecdotally, or with limited data. We consider cost sharing motives for clustered activism and whether the phenomenon exerts a positive or negative impact on the performance of the target firm. Research Findings/Insights Using a large dataset of shareholder activism events at U.S. firms, we find that clustered activism campaigns are more common at larger firms and among geographically proximate activists, which is consistent with our prediction that activists cluster to reduce the costs associated with activism campaigns. Furthermore, we find that clustered activism produces elevated profitability and abnormal returns, which is consistent with our prediction that activists cluster to address principal–agency costs. Theoretical/Academic Implications Our study provides some of the first theoretical and empirical evidence on the clustered activism phenomenon. We contribute to the understanding of the role of shareholder activism by considering their effect on principal–agency and principal–principal problems. Our results also contribute to the literature that examines factors relating to the success of shareholder activism by documenting the effect of clustered activism on activism costs and target firm performance. Practitioner/Policy Implications Our study adds to the debate among practitioners and regulators on the merits (or lack thereof) of clustered activism. Our findings suggest that a regulatory approach that encourages clustered activism can benefit shareholders. Video Abstract https://onlinelibrary.wiley.com/page/journal/14678683/homepage/videoabstracts.html youtube https://www.youtube.com/watch?time_continue=1&v=0_D-6Pw9sYo
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.004 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.002 | 0.005 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it