Be Your Own Activist

• DOI: http://doi.org/10.1111/jacf.12129
• Published date: 01 September 2015
• Date: 01 September 2015

VOLUME 27 | NUMBER 3 | SUMMER 2015

APPLIED CORPORATE FINANCE

Journal of

In This Issue: Activist Investors and the Future of the Public Corporation

Ernst & Young Roundtable on

Activist Investors and Their Implications for Corporate Managers

8Lucian Bebchuk, Harvard Law School; Paul Clancy, Biogen;

Don Chew, Journal of Applied Corporate Finance; John Cryan,

Fortuna Advisors; Shyam Gidumal, Ernst & Young; Paul Hilal,

Pershing Square Capital Management; Patrick Lally, Red

Mountain Capital; Greg Milano, Fortuna Advisors; Damien Park,

Hedge Fund Solutions; Richard Ruback, Harvard Business

School; and David Silverman, Blue Harbour Group. Moderated

by Jeff Greene, Ernst & Young.

In Search of Unicorns: Private IPOs and the Changing Markets

for Private Equity Investments and Corporate Control

34 Keith C. Brown and Kenneth W. Wiles,

University of Texas at Austin

Revisiting “The Fruits of Genomics”:

How the Biopharma Industry Lost But Is Now Regaining its Productivity

49 A. Rachel Leheny and Eric W. Roberts, Valence Life Sciences

Be Your Own Activist 61 Gregory V. Milano and John R. Cryan, Fortuna Advisors

A Long Look at Short-Termism: Questioning the Premise 70 Michael J. Mauboussin and Dan Callahan, Credit Suisse

The Activist Investor Process Model:

Phase One of a Successful Campaign—Identifying a Target

83 Damien Park, Hedge Fund Solutions, LLC and

Troy Marchand, Foundry Capital Group

The Hazards of Growth 88 Kevin Kaiser and S. David Young, INSEAD

The Value of Reputation: Evidence from Equity Underwriting 96 Chitru S. Fernando, University of Oklahoma; Vladimir A.

Gatchev, University of Central Florida; Anthony D. May, Wichita

State University; William L. Megginson, University of Oklahoma

CEOs, Abandoned Acquisitions, and the Media 113 Baixiao Liu, Florida State University, and John J. McConnell,

Purdue University

How Much Do Expatriate Earnings and Repatriation Taxes Matter to Shareholders? 122 Robert Comment

Shrinking to Grow: Evolving Trends in Corporate Spin-offs 131 Marc Zenner, Evan Junek and Ram Chivukula, J.P. Morgan

Creating M&A Opportunities through Corporate Spin-Offs 137 Mieszko Mazur, IESEG School of Management

Multiples, Forecasting, and Asset Allocation 144 Javier Estrada, IESE Business School