We provide a comprehensive policy and doctrinal analysis of the use of poison pills again activists in corporate governance contests. Although pills have been in common use as anti-takeover devices since the 1980s, it is only now—in the context of anti-activist pills—that many design features of pills start to matter. The reason lies in the different sources of gains derived by the raiders of yore and today’s activists.

source: ML

The empirical evidence on shareholder activism and short-termism is, in fact, mixed.

In a paper recently posted on SSRN, Short-Termism and Shareholder Payouts: Getting Corporate Capital Flows Right, we explain that these shareholder-payout figures fail to provide convincing evidence—or indeed any evidence of harmful short-termism—because they are an incomplete and misleading measure of public-firm capital flows.

source: ML