Hedgefonde jager i flok, og det virker

Under titlen “Wolf Pack Activism” skriver forskere fra blandt andet London School of Economics, at hedgefonde ofte jager i flok, og at det faktisk virker. ”It is alleged that activist hedge funds congregate around a common target, with one acting as the ”lead” activist and others as peripheral activists, or ”wolf pack” members. We model this phenomenon as a coordination game, and show that the concentration of capital and skill matters: Holding constant total activist ownership, the presence of a lead activist increases the probability of successful activism due to improved coordination among activists. We model the dynamics of share acquisition by wolf pack members and the lead activist: Block acquisition by the lead activist spurs significant entry by wolf pack members, while the lead activist acquires only if the expected wolf pack is large enough. “