Josef Bajzík

Abnormal return, event study, long run, meta-analysis, model averaging, publication bias, shareholder activism

G14, G30, G34, L20

Bajzík J. (2023): " Does Shareholder Activism Have a Long-Lasting Impact on Company Value? A Meta-Analysis " IES Working Papers 10/2024. IES FSV. Charles University.

I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across countries. The study shows that the conclusion as to whether activism is beneficial depends on the benchmark with which the targeted firm is compared. Second, the estimates are also overstated due to publication bias. Third, the value added by activism depends on the country-specific regulátory framework.