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The success of the activist investor Guy Wyser-Pratte in Continental Europe

Author

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  • Alexander Bassen
  • Dirk Schiereck
  • Philipp Schüler

Abstract

This paper analyses the investments of US activist investor Guy Wyser-Pratte in listed companies in Germany, France, Austria and Switzerland between the years 2001 and 2011. Wyser-Pratte is the best known single activist investor in Continental Europe whose investments have typically been followed intensively by the press. For the first time, this study examines the investment activities of a single activist investor with key focus on Continental Europe and complements the few existing studies on single activist investors and their focus on Anglo-Saxon jurisdictions. The results show that he approaches poor performing companies and that his investment activities increase the short- and long-term shareholder value. Key differentiator to existing research is the focus of Wyser-Pratte on improving the profitability of his target companies. This new insight can be interpreted as an indicator that value generation by shareholder activism works different in the institutional setting of Continental Europe.

Suggested Citation

  • Alexander Bassen & Dirk Schiereck & Philipp Schüler, 2019. "The success of the activist investor Guy Wyser-Pratte in Continental Europe," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 11(1), pages 24-46.
    • Handle: RePEc:ids:ijeven:v:11:y:2019:i:1:p:24-46
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    Citations

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    Cited by:

    1. Timo Rogalski & Dirk Schiereck, 2024. "When is blockchain worth it? Value and risk drivers of corporate blockchain announcements," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-24, December.
    2. Bajzík, Josef & Havranek, Tomas & Irsova, Zuzana & Novak, Jiri, 2023. "Does Shareholder Activism Create Value? A Meta-Analysis," CEPR Discussion Papers 18233, C.E.P.R. Discussion Papers.
    3. Barros, Victor & Guedes, Maria João & Santos, Joana & Sarmento, Joaquim Miranda, 2023. "Shareholder activism and firms’ performance," Research in International Business and Finance, Elsevier, vol. 64(C).
    4. Bajzik, Josef, 2023. "Is the role of shareholder activism in corporate governance overestimated?," Finance Research Letters, Elsevier, vol. 58(PC).

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