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考拉 · 2024年01月05日

ACTIVIST为什么不是长期投资者和持股比例高的呢

NO.PZ2023010903000044

问题如下:

The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.

Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.

Statement 4: Plenty of activist managers focusing on ESG issues exist, and investing with one could make sense for Cherry Street. Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons and take stakes in target companies greater than 10% of the target’s outstanding equity. Some of these tactics include proposing significant changes in corporate governance, seeking board representation and engaging in proxy contests.

Gelormini's comments about activists in Statement 4 are most likely incorrect because:

选项:

A.

activist investors typically have a longer time horizon

B.

ESG-focused activists use different processes and tactics than traditional activists

C.

activist investors typically take a stake of less than 10%

解释:

Activists typically aim to achieve their goals with smaller stakes in their target companies, usually with a less than 10% stake in the target's equity.

正因为长期、高比例持有公司股票,他才会采取积极的作为区影响公司决策啊

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笛子_品职助教 · 2024年01月06日

嗨,努力学习的PZer你好:


如果高比例长期持股,就涉及到控制了。

而Activists虽然有影响,但影响依然有限。

Activists主要还是为了吃差价。


Activists typically aim to achieve their goals with smaller stakes in their target companies, usually with a less than 10% stake in the target's equity.

这是原版书给的结论,同学需记住。

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努力的时光都是限量版,加油!

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