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Preface ix
Acknowledgments xv
Introduction xix
Part One: From Raiders to Activists and
Everything in Between 1
Chapter 1: Growth of Activism and Why Corporate
Raiders Aren’t Around Anymore 3
Chapter 2: Nuts and Bolts: How Activists Became
Who They Are Today 25
Chapter 3: The Pack: How Activists Are Working
Together (But Not Offi cially) 53
Chapter 4: How Activists Use Litigation to
Pursue Their Agenda 75
Chapter 5: Why Activists Target Certain Corporations
and Leave Others Alone 89
Chapter 6: Overperked and Overpaid: The Impact of
Activists on Executive Compensation 103
Chapter 7: Hedge Specialization: Good or Bad? 117

Chapter 8: Regulation and Activists: How the Securities
and Exchange Commission Helps
(or Hurts) Activists 135
Part Two: Institutional Investors
and Activists 155
Chapter 9: Institutional Investors on Activist Hedge Funds:
Love’em or Hate’em? 157
Chapter 10: Activists Taking on Large Corporations
Must Have Institutional Support 163
Chapter 11: Institutions and Activist Hedge Funds:
Breaking Up Deals Together
Around the World 173
Chapter 12: Just Vote No and No and No Again 181
Chapter 13: Institutions Changing Corporate Bylaws so
Activist Hedge Funds Can Get Down to Business 191
Chapter 14: Can’t Be Them? Then Fund Them 201
Chapter 15: Institutions Behaving Like Activist Hedge
Fund Managers 209
Part Three: Activism 2.0 217
Chapter 16: Technology, Communications, and Activists:
Gary Lutin, Eric Jackson, and Anne Faulk 219
Chapter 17: When Is an Activist Fund Really a Private
Equity Fund, and What’s the Difference? 231
Chapter 18: Funds of Hedge Funds Stake Out Activists 247
Chapter 19: Distressed Investing: How Activist Managers
Buy Debt and Provoke Companies 263
Chapter 20: Hedge Activists in Western Europe, Asia, and Canada 271
Chapter 21: East Meets West: Hedge Activism Goes Global to
Emerging Markets 299
Chapter 22: Value Investing versus Activism: Which One Is Better? 319
Conclusion: Saturation or No Saturation? 333
Notes 339
About the Author 361
Index 363
viii c o n t e n t s