Chapter 5 Web Links

Ibid detailing as of 2004 49% domestic and 33% foreign institutional investment. See further: www.statistics.gov.uk/.

Marks and Spencer Plc Annual Report 2008 (available at: http://corporate.marksandspencer.com/).

Vodafone Annual Report 2008, 142 (www.vodafone.com/).

In recent years we have seen in the UK and elsewhere an increase in shareholder activism by investment vehicles called hedge funds. Interestingly, these Hedge Funds have very different fee arrangements, including, typically, 20% of amounts generated above a specified return. The development and importance of such activism in the UK has only been subject to a limited amount of research and, unfortunately, there is no space to consider this issue here. For those interested in these developments see: W. Bratton, ‘Hedge Funds and Governance Targets’ (2006) Georgetown Law and Economics Research

Paper No 928689 available at SSRN: http://papers.ssrn.com/; Becht et al, ‘Returns to Shareholder Activism Evidence from a Clinical Study of the Hermes U.K. Focus Fund’ (December 2006) ECGI—Finance Working Paper No 138/2006 available at SSRN: http://papers.ssrn.com/; Brav et al, ‘Hedge Fund Activism, Corporate Governance and Firm Performance’ (2006) ECGI Working Paper; A. Klein and E. Zur, ‘Hedge Fund Activism’ (September 2006); AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper Available at SSRN: http://papers.ssrn.com/.