Monthly Archives: April 2015

Announcement returns during activist filings

Interesting article in today’s Journal about stock returns around activist filings.  We took a look at 13D and 13D/A filings (beneficial ownership of more than 5% of a voting class of a company’s equity securities), often associated with activist investments.  We confirmed that the announcement return is large and positive, and more so for the original filings (13D) than for amendments (13D/A).  There is also a runup leading into the announcement, presumably contemporaneous with the acquisition of the shares.  However it doesn’t show any actionable effect beyond the announcement period.

ExtractAlpha Research Note – Form 13D filings